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.