To some extent, this dispute reflects the differing perspectives of the protagonists
about the goal of the field. Lucas seems to be complaining that Solow does not
appreciate the greater analytic rigor that new classical macroeconomics can offer. Solow
seems to be complaining the Lucas does not appreciate the patent lack of reality of his
market-clearing assumptions. They each have a point. From the standpoint of science,
the greater rigor that the new classicals offered has much appeal. But from the standpoint
of engineering, the cost of this added rigor seems too much to bear.
- N.Gregory Mankiw, 'The Macroeconomist as scientist and engineer'