In 2011 Professor Lipsey was apppointed an honourary life fellow of the Canadian Economics Associaion in honour of his life work as an economist.
On Being an Economist
One does not have to spend much time with non-economists in policy-making situations to realize the enormous value of economics. But most of that value depends upon a qualitative understanding of how the price system works. Economics is advancing rapidly in many directions, some of which unite theory and quantitative evidence. Nonetheless, it is salutary to understand that the many good practices of modern economists continue to be interlaced with all too many bad ones, of which a lack of detailed factual control over many theories and excessive formalism are two of the worst. ("Successes and Failures in the Transformation of Economics" 2001)