Money and Markets: Essays in Honor of Leland B. Yeager

26 William Breit, Kenneth Elzinga, and Thomas D. Willettbusiness that had brought the visitor to Yeager’s office in the first place. Thefollowing reminiscence is so descriptive of the experience that it is worth quotingin full:From the moment you entered his office you knew you were in trouble. Yoursimple question like “Will you be offering International Trade in the fall?” wasmet by this stunned look of disbelief and a penetrating look straight into youreyes. Prof. Yeager said nothing – just “the stare.” To fill this aural void, youbegan to elaborate on why you wanted to take International Trade and how itwould advance your progress through the program. This too was met by just“the stare.” The student, now quite off guard, and desperately searching for anyjustification for his or her presence, began to babble on about the wonders ofinternational trade and how it has improved the lives of millions of peoplethroughout history. The now perspiring student then began to relate intimatedetails about their personal lives (anything to stop “the stare”) – how they oncewere a bed wetter or that they had unresolved guilt from childhood aboutsticking pins into butterflies. Finally, realizing the student was on the verge ofsome kind of psychotic break, Prof. Yeager would slowly reach across his deskand hand you a piece of paper containing the fall term schedule. Totallydevastated, the student would stumble out of the office – realizing they had justmade a total fool of themselves in front of the world’s greatest psychoanalyst.This experience was not unusual. Students and colleagues alike shared in thistype of encounter with Yeager. One student who was beginning his doctoral workat Virginia when Yeager was the Director of Graduate Studies related this accountof going to Yeager’s office for the first time:I came in and made a few cheery remarks expecting him to pick up the ball andtell me all about everything in the department. He said little or nothing. I thencontinued to fill in the blanks. For fifteen minutes, I babbled like a fool. Heknew more about me in those fifteen minutes than I had probably revealed tomy wife!But if Yeager was a psychoanalyst, he was a peculiar one in that his note-takingwas not with pad and pencil or tape recorder. His recording device of choice wasthe typewriter. The student who needed a letter of recommendation found himselfundergoing a Yeager-style non-directive interview. Here is how one described it:I sat in a chair across from his desk. He turned away from me toward the typewriteron his right side, typed a few words, and then asked me to tell him aboutmyself. As I talked, he typed, neither saying a word nor showing expression. Idiscussed my interest in economics, courses I had taken, and my dissertationresearch. I then mentioned that I had teaching experience and that it was somethingI particularly enjoyed. Continuing to look at the typewriter, he asked if Ihad any notable skills or innovations that I brought to the classroom. Having