"I recently told Joe Stiglitz how much I admire him. I really think he’s so exemplary, not just because he’s smart but because of what he did in the Clinton administration and what he did at the World Bank. When he won the Nobel Prize, all he talked about to any reporter who asked him questions was that the real problem is world poverty. When I first met him, Dunlop insisted on the young radicals getting together with the real smart guys who were not the radicals, and Stiglitz was one of them. So we got together for lunch at the Harvard Faculty Club. It was a little strained at first, but we had a nice talk, and I finally said to Stiglitz, “Listen Joe, do you really believe that the interest rate is the intersection of the supply and demand for capital?” I said exactly that, and he said, “Yes, I believe that.” So twenty years later I said to him, “Listen Joe, you really threw me a curve ball when you told me you believed this.” I thought if this is what the smartest people in the profession believe, I’m not going to even talk to them; meanwhile he totally revolutionizes capital theory along the lines that supply and demand don’t determine interest rates! Either his views changed, or he was being “in your face” to me."