1 9 4 0 ▁Par s ons ▁and ▁Sch ump eter ▁conducted ▁an ▁inform al ▁fac ulty ▁sem inar ▁at ▁Harvard , ▁which ▁met ▁in ▁Em erson ▁Hall ▁and ▁discussed ▁the ▁concept ▁of ▁rational ity . ▁Among ▁the ▁participants ▁in ▁the ▁sem inary ▁were ▁D .   V . ▁McG ran ah an , ▁Abr am ▁Berg son , ▁Wass ily ▁Le ont ief , ▁Gott fried ▁Hab er ler , ▁and ▁Paul ▁S we e zy . ▁Sch ump eter ▁contributed ▁with ▁the ▁ess ay ▁" R ational ity ▁in ▁Econom ics " ▁to ▁the ▁sem inar , ▁and ▁Par s ons ▁submitted ▁the ▁paper ▁" The ▁Ro le ▁of ▁R ational ity ▁in ▁Social ▁Action " ▁for ▁a ▁general ▁discussion . ▁Sch ump eter ▁suggested ▁to ▁Par s ons ▁that ▁they ▁should ▁write ▁or ▁edit ▁a ▁book ▁together ▁on ▁rational ity , ▁but ▁the ▁project ▁never ▁material ized . ▁ ▁Ne oc lass ical ▁econom ics ▁vs . ▁institution al ists ▁In ▁the ▁prev ail ing ▁discussion ▁between ▁ne oc lass ical ▁econom ics ▁and ▁the ▁institution al ists , ▁which ▁was ▁one ▁of ▁the ▁conflicts ▁that ▁pre va iled ▁within ▁the ▁field ▁of ▁econom ics ▁in ▁the ▁ 1 9 2 0 s ▁and ▁early ▁ 1 9 3 0 s , ▁Par s ons ▁attempted ▁to ▁walk ▁a ▁very ▁fine ▁line . ▁He ▁was ▁very ▁critical ▁about ▁ne oc lass ical ▁theory , ▁an ▁attitude ▁that ▁pre va iled ▁all ▁the ▁way ▁through ▁his ▁life ▁and ▁is ▁reflected ▁in