by Pranab Bardhan
All of the articles in this series can be found here.
When I first attended the occasional Harvard-MIT joint faculty seminar I was dazzled by the number of luminaries in the gathering and the very high quality of discussion. Among the younger participants Joe Stiglitz was quite active, and his intensity was evident when I saw Joe chewing his shirt collar, a frequent absent-minded habit of his those days. Sometimes one saw the speaker incessantly interrupted by questions, say from one of the big-name Harvard professors, Wassily Leontief (soon to be a Nobel laureate). At Solow’s prodding I agreed to present a paper at that seminar, with a lot of trepidation, but fortunately Leontief was not present that day.
At Harvard the economist I knew best was Steve Marglin whom my friends, George Akerlof and Mrinal, had introduced me to. He was at that time regarded as a whiz kid who was one of the youngest tenured professors at Harvard. He had earlier spent some time in India and became an admiring friend of Punjab’s strong-man Chief Minister Partap Singh Kairon. He was very friendly with me and Kalpana (Steve gave her useful comments on her dissertation), but I had seen him behaving somewhat abrasively with others, including senior professors.
Steve’s early work was on investment and evaluation of development projects. Then by the late 60’s his research and politics took a major turn in a heterodox, radical direction. When he gave me the first draft of his later widely-known paper titled “What Do Bosses Do?”—arguing that the Industrial Revolution was less a technological advance and more an organizational restructuring, with capitalists getting dominant control of the labor process– I was quite impressed reading it. Read more »