The 2006 Schumpeter award for the best writing on evolutionary economics written over the previous two years was awarded to the book Economic Transformations written by Professor Lipsey and two of his ex-students and ex-research assistants, Clifford Bekar and Kenneth Carlaw. This book was part of professor Lipsey’s ongoing work on the implications of endogenous technological change for the theories of economic growth, microeconomics, macroeconomics, welfare economics and economic policy. He argues that these implications are both profound and widely ignored in many branches of economics.
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)