The Neo-Ricardian Counterrevolution Seriously Threatens the Neoclassical Approach to Economics

There is no need for me to deal at great length with the neo-Ricardian counterrevolution of our day. Its numerous exponents in Cambridge and elsewhere are propagating its cause with considerable enthusiasm and remarkable polemical skill. Suffice it to say that, for the first time, the neoclassical ascendancy, established by John Bates Clark, Irving Fisher, Vilfredo Pareto, and Knut Wicksell around the turn of the century, appears seriously threatened. The defensive strategy adopted by such outstanding neoclassical leaders as John Hicks and Frank H. Hahn leaves the impression that they are only too well aware of the weakness inherent in the position they have inherited.

--Ludwig M. Lachmann, "Austrian Economics in the Age of the Neo-Ricardian Counterrevolution," in The Foundations of Modern Austrian Economics, ed. Edwin G. Dolan (Kansas City: Sheed and Ward, 1976), 217.