The announcement that Professor Schumpeter will be at Harvard once again next year is indeed good news. On his previous two visits to Cambridge, in 1927-28 and again last year, Professor Schumpeter gained an unique position in the esteem of faculty colleagues and students alike.
Professor Schumpeter is probably the most eminent living Continental economist. His reputation, however, is largely confined to workers in the field of economics; like Menger, Boehm-Bawork, Walras, Pareto, Jevons, Edgeworth, to name a few, his best work has been devoted to pure theory of a type which must ever remain a closed book to all but trained students. He may not inaptly be described as an economist's economist. As such, however, his value to the department here at Harvard is difficult to overrate. Harvard has, particularly among "the old guard", a very respectable number of scholars whose contribution to economics has been invaluable, and among the younger members of the department several whose work holds out promise of a brilliant future. But it is in no sense disparaging to say that there is a great need for a theorist of the established reputation and recognized ability of Professor Schumpeter. Aside from the prestige which his name lends to the department, his presence and distinctive approach to economic problems should be an important intellectual stimulus both to advanced students and to the members of the department.
Professor Schumpeter will probably take over the advanced courses which were handled with such skill by Dr. Haberler of Vienna during the past year. The CRIMSON takes this opportunity to express Harvard's appreciation of the services which Dr. Haberler has rendered, as well as to extend to Professor Schumpeter a hearty welcome back to Cambridge. The CRIMSON sincerely hopes that the eminent German professor will be able to make a much longer stay on this side of the Atlantic than has been possible heretofore.