Part 1 - The Institute Libraries - Institute for Advanced Study

consider itself as a location but rather as a source of
mental ferment embracing all of the advanced students.S1
It would be difficult to imagine a more equivocal statement
than Riefler's memorandum evoked from Mr. Stewart.
I am very much impressed with the memorandum Riefler sent
you. It seems to be a cogent and effective presentation of
his case, and I am persuaded that in making a start, it is
probably wise to select sore field of interest and use the
problems in that field as a basis for selecting personnel
and of establishing some unity in the work.
Whether the problem which Riefler has. outlined is - the problem
is another question. From the form of his mzmorandum,
I judge that with him it is a question of 'Love me, love my
problem.' It forces us to a decision as to vhether we want
both him and his problem. He has the advantages of youth,
energy, enthusiasm and intelligence, and has apparently
reached the stage of intellectual maturity where he is
possessed with a problem.
In economics, my preference runs toward someone who is poss-
essed with some concrete problerr. but who is prepared to deal
with its general implications. This seems to me to furnish
the best hope of escaping frm the vagueness of superficial-
ity which has affected so mch current work in economics, and
of establishing a fresh approach.52
If Dr. Flexner noticed the ambivalence he did not show it.
Perhaps his ear was not tuned to the academic,idiom. It is more likely,
however, that he overlooked the nuances, for he hzd satisfied himself
that Dr. Riefler was highly regarded in Washington as. a most ac&plished
economist, and that he stood uncomnitted on controversial issues since
his' writings in the Federal Reserve Board's Bulletin were anonymous.
Indeed, it was in the very multiplicity of demands for Riefler's ser-
vices that his own discontent lay. In addition to his regular duties
in the Division of Research and Statistics at the Federal Reserve Board,
to which Stewart had called him in 1923, he served as Economic Adviser
(1933-1934) of the Executive Comnittee of the Board, and to the National