Posts Tagged ‘Larry Summers’

who are the best teachers?

Sunday, July 16th, 2017

Most certainly, not geniuses in their field. Harvard economist Larry Summers, for example, tells this story about his Nobel laureate uncle, Kenneth Arrow (1921-2017).

Kenneth had a real problem as a teacher, which is that he didn

Larry Summers on NAFTA

Saturday, March 25th, 2017

Harvard University economist Larry Summers (born 1954) writes that the greatest gift the United States could give China is exit from the North American Free Trade Agreement (NAFTA).

I was in Mexico Thursday seeing the Mexican president, foreign minister and finance minister and addressing a convention of bankers. The only subjects anyone is interested is the future of NAFTA and U.S. Mexican relations.

I came to Mexico from Beijing, and so I was able to report that there was no greater strategic gift the United States could give China than to abrogate NAFTA and rupture the North American community.

In narrow commercial terms right now, Mexican goods enter the United States on a preferred basis relative to Asian goods. This preference would disappear with NAFTA suspension. Furthermore about 70 percent of Mexican exports are of goods that are not finished but are inputs to further U.S. production. Anything that hurts Mexico therefore hurts us in global economic competition with China. ….

Larry Summers, “Why scrapping NAFTA would be Trump

Kenneth Arrow: a gentle genius

Sunday, February 26th, 2017

Kenneth Arrow, one of the greatest economists of the past century, died last week. His nephew, Larry Summers, wrote a eulogy that was published in the Wall Street Journal. Here is an excerpt from it, followed by an ungated link to the full eulogy. (more…)

Trump’s tax plans favour the rich

Monday, December 5th, 2016

Harvard economist Larry Summers explains that Trump’s proposed tax cuts will benefit high-income taxpayers, at the expense of those with lower incomes. He predicts that this is likely to retard rather than stimulate economic growth, in part because after-tax income is shifted “towards those most likely to save it”.

Just as Ronald Reagan

Trump’s infrastructure investment plans

Monday, November 14th, 2016

Harvard economist Larry Summers gives low marks to Trump’s plan for infrastructure investment.

I have long been a strong advocate of debt-financed public investment in the context of low interest rates and a decaying US infrastructure, so I was glad to see Mr Trump emphasise it. Unfortunately, the plan presented by his advisers, Peter Navarro and Wilbur Ross, suggests an approach based on tax credits for equity investment and total private sector participation that will not cover the most important projects, not reach many of the most important investors, and involve substantial mis-targeting of public resources.

Many of the highest return infrastructure investments

Larry Summers on Donald Trump

Wednesday, March 2nd, 2016

Donald Trump now seems to worry nearly everyone. Most recently, Harvard economist Larry Summers penned some very harsh words on the possibility of Trump’s election as president, which he describes as “the greatest present threat to the prosperity and security of the US”.

The problem is not with Mr Trump

secular stagnation?

Monday, April 13th, 2015

There has been a lot of talk lately – on blogs, and in the financial press – on whether we are suffering from “secular stagnation”. Disagreement is especially intense between two prominent American economists: Harvard professor Lawrence Summers (born 1954) and former Federal Reserve chairman Ben Bernanke (born 1953). Mr Summers argues that we have entered a period of “secular stagnation” whereas Mr Bernanke argues we have not. The debate is confusing because Professor Summers uses the term with reference to short-term economic growth, whereas most economists in the “secular stagnation” camp have long-term growth in mind.

FT columnist Alan Beattie explains.

Mr Summers uses secular stagnation to mean the difficulty of getting the economy to run at full capacity when factors such as weak investment demand have pushed down the equilibrium real interest rate

publication alert: secular stagnation

Tuesday, August 19th, 2014

Vox, in collaboration with CEPR Press, has launched a free eBook, with chapters written by some of the world’s best-known macroeconomists and economic historians. The full text can be downloaded without charge, so there is no excuse for not reading it.

Economic growth is still anaemic despite years of zero interest rates. Is

House of Debt: Larry Summers on Mian and Sufi

Saturday, June 7th, 2014

[Atif Mian and Amir Sufi] argue that, rather than failing banks, the key culprits in the financial crisis were overly indebted households. Resurrecting arguments that go back at least to Irving Fisher and that were emphasised by Richard Koo in considering Japan

Martin Wolf interviews Tim Geithner

Friday, May 16th, 2014

I see Geithner as quintessentially American