Lawrence Summers

(Lawrence Henry Summers)

Lawrence Summers
Lawrence Summers
  • Born: November 30, 1954
  • Nationality: American
  • Profession: Economist









Lawrence Henry Summers is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank (1991–93), senior U.S. Treasury Department official throughout President Clinton's administration (ultimately Treasury Secretary, 1999–2001), and former director of the National Economic Council for President Obama (2009–2010). He is a former president of Harvard University (2001–2006), where he is currently (as of March, 2017) a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.

Quotes About
Author Quote
Quote Topics Cited
All taxes discourage something. Why not discourage bad things like pollution rather than good things like working or investment? Taxes
Confidence is the greatest economic stimulus there is. Economics, The Economy & Fiscal Affairs
Europe needs to make its first, second and third economic priorities economic development. Development & Growth
Government legitimacy depends on a public perception of fairness. Morality, Ethics & Conflict of Interest
I don’t do apocalypse! Economics, The Economy & Fiscal Affairs
I don’t think that Bill Gates, in his garage, was calculating his marginal tax rate. Taxes
I have 13 bankers in my office, and they say that if you go forward with this you will cause the worst financial crisis since World War II. Regulation & Deregulation
I learned my politics at Harvard and my economics in Washington….I may be the only person who came to Washington to get out of politics. Economics, The Economy & Fiscal Affairs
I think the defining issue of our time is: Does the economic, social, and political system work for the middle class? Economics, The Economy & Fiscal Affairs ;Capitalism
It takes just as much work to do a study of something that is unimportant as it does to study something important, so why not pick something important where you may affect the world. Science, Mathematics, Engineering & Technology
Our ability to estimate our deficit 20 years out is nil. We should not twist our economy like a pretzel over such an projection…. Growth in the short run raises the level of long run potential. Economics, The Economy & Fiscal Affairs
Predictions of America’s decline are as old as the republic. But they perform a critical function in driving the kind of renewal that is required of each generation of Americans….as long as we’re worried about the future, the future will be better. Economics, The Economy & Fiscal Affairs
Social Security and Medicare are among the best things about America. Elderly, Aging. Old Age, Social Security & Pensions
The children of those people [long term unemployed] have less education, earn less, have higher unemployment. The problems are visited upon the children Work, Workers & The Labor Force
There is no good reason that the average 7-11 uses more information technology than the average doctor’s office. That is wrong….That is why government needs to give this a big push. Health, Healthcare & Medicine
There is no serious statistical evidence in support of the view that tax rates at current levels have a major disincentive effect on economic growth. Taxes
To be concerned about inequality is not engaging in class warfare. Equality & Equal Opportunity
We don’t get the quality of people going into teaching that other nations do…. When people go teacher bashing, they are making the problem worse. Education, Learning, Knowledge & Training
We have a culture where it’s OK to not know anything about mathematics whereas in Asia, they don’t Education, Learning, Knowledge & Training
We have much more to fear from economic weakness in Europe than in economic strength in Europe. Economics, The Economy & Fiscal Affairs
Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response.
But ultimately what I was impressed by during my years in government was how much the intellectual climate and the prevailing intellectual notions constrained and represented the universe within which the discourse took place. Government
Contagion has become very much a phenomenon, and it's a phenomenon of globalization.
Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.
I promise you that there are a lot of people involved in various kinds of retail activities who think they have a crucial role in the economy, and they're right.
I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to it.
If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles. History
In politics, as in poetry, it is sometimes true that it is darkest before dawn. Politics, Politicians & Political Campaigning & Fund Raising ;Literature, Writers & Writing
In the history of the world, no one has ever washed a rented car. History
It certainly was difficult to sell NAFTA because it's always difficult to sell open markets.
It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets. Morning
It used to be said that when the U.S. sneezed, the world caught a cold. The opposite is equally true today.
It was wrong to allow Stalin to shape the European landscape of the 20th century. It would be even more wrong to let him shape the landscape of the 21st century.
I've always thought that underpopulated countries in Africa are vastly underpolluted.
Many children are taught to believe in God. I came to believe in the power of systems analysis. Power ;Religion & God
Now is the time for us to strike. We must strengthen our foothold in Asia, to ensure no nation overtakes us. Time
Start with the idea that you can't repeal the laws of economics. Even if they are inconvenient.
The availability of private insurance provides tremendous insulation for millions of individuals.
The dramatic modernization of the Asian economies ranks alongside the Renaissance and the Industrial Revolution as one of the most important developments in economic history. History
The United States basically accepted protection abroad as the price of post-war recovery. Now, that these countries have caught up to our level of prosperity, it is time for them to catch up to our level of openness. Time
There are children who are working in textile businesses in Asia who would be prostitutes on the streets if they did not have those jobs.
We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.
You can't have a situation in which companies proceed on a permanent basis relying only on cash from the government. Government