Robert Solow’s wit
“The truth is, I fear, that the [economic] profession’s disdain for the fix-wage assumption is much less respectable in origin. We have a sort of prior disposition to think that prices equate supply and demand. To say that a price does not do so under ordinary circumstances is seen as too crude, like eating peas with a knife. The accepted putdown is that the assumption of wage-rigidity is ad hoc. Perhaps it is, but if the hoc it is ad is the economy we live in, then there must be worse sins. In that kind of world, the assumption of flexible market-clearing does not even have the merit of being ad hoc. If the function of macroeconomic theory is to train our intuitions, [John Hicks’] path seems like the right one. It will certainly not do for the intuition to react like a society dowager: if that is the sort of economy we have, let us not invite it to tea.” (pp. 17-18)
Solow, R. (1984), “Mr Hicks and The Classics”, Oxford Economic Papers, Vol. 36., Supplement, pp. 13-25.