Part 1 - The Institute Libraries - Institute for Advanced Study

is at least one hundred fifty years old. The economics that
is in vogue is upon a very different basis. More and more as
I conferred with ren who are dealing with economic problem
both in universities and in public life, I became convinced
that econmics ought to be vieved 2s a clinical science....
Hen who are concerned with its teaching and investigation
ought also to be Ten who have been in contact with practical
problem of business and government. On the other hand, while
the men vorking in econm.ics mst not be aloof frm practical
life, they ought not to be diverted to the performance of
current tasks....The methods of developing economic science,
which seem to me to be most promising, bear therefore a cer-
tain res blance to what has happened historicslly in other
fields. 4F"
Then the Director, noting that Mitrany was 6 specialist in government,
and Earle interested in econoric history, said he looked forwsrd now
to the addition of an economist; he had a list of a dozen or so young
men who had not "cmitted themselves in writing" on controversial issues
in the field, and hoped he could present a noxination at the next meeting.
Mr. Frankfurter differed; the evolution of econmic principles
resmbled that of the law rather than of the rrodical sciences. The study
should be historical rather than clinical. "Smll groups should be
called in for limited periods in hope of uncovering anddefining the real
pro'blems." Hr. Stewart was recorded as saying only that the younger uen
should not advance beyond the probationary status until and unless they
proved their worth. Professor Veblen suggested that they be brought in
as "workers," as were the temporary members of the School of Mathematics;
thus their academic connections vwld not be disturbed. The minutes
reflected a consensus:
It seemed to be agreed that with the exception of a small
permanent nucleus it would be unwise to cake many additional
appointments for terms of three to five years which would .
involve the withdrawal of men from their om institutions
and therebv impair the freedom of the Institute in dealing
with th.46