A little over 5 years ago, Harvard economists Jason Furman and Larry Summers (FS) published a paper that became influential in the fiscal policy space—a paper that was meaningful in the moment.
The sad part is that since Summers became a board member of some AI companies — he may have renounced because of the Epstein files — now he thinks the natural rate is going to increase (higher productivity, investment, etc.), thus leaving behind the secular stagnation phase he promoted for so long. Obviously, zero adverse consequences for bad economics...
Yes, Summers led a life melodramatic enough for a biopic (and perfectly depicted in The Social Network biopic of Zuckerberg). As head of Harvard, he offended the ruling faculty by forcing them back into undergrad classrooms as part of his requirement for at least on freshman seminar instead of all auditorium course. He returned Harvard to study abroad, too. And he's hold conversations in each of the living quarters "Halls." Talk about slumming! He criticized Harvard's drift to interdisciplinary "Studies"-majors such as Black and Women's studies (unlike pandering state universities with 200+ majors, mostly non-disciplinary and career-specific, but no common core or liberal arts focus). The final "outrage" that forced him out was having the gall to pose intellectual counter arguments to the one weak Bell Curve attack argument (if only to suggest they refine or eliminate that flawed logic from legit criticism of obvious racist pseudo-science); horrified, Summers was dismissed for committing the unforgivable crimes of stepping beyond the high walls of his discipline and also of caring about undergrads). Since hanging is no longer an option, the smug, clueless faculty chose banishment and ad hominem (is it arrogant to speak truth to power?).
Judge Harvard by whether it educates students in the Western canon; by whether its undergraduates develop any virtue or understanding of the human condition; then judge whether Summers' economics improved any aspect of the American experience: "It is about aggregate demand," he would vociferate.
Lord Acton once said: "Power corrupts, and absolute power corrupts absolutely."
Summers is, yes, better than most economists - yet he lacks the humility that enlightened philosophers once possessed. He has been corrupted, and his knowledge and power have been used for his sole benefit.
As for Harvard and academia more broadly - you may find that Decline and Fall awaits them.
I followed this closely thru my Harvard contacts. Econ is the most applicable skill (I was the most useful one in academic, consulting, pro bono, committee, or multidisciplinary grant work). But Summers is an arrogant S.O.B, so he’s easy to “argue” by ad hominem. Also, econ is treated with contempt (its taught so badly by boring profs with bad texts: I’ve written texts, innovated teaching methods), econ is the opposite of “common sense” (middle aged folks are sure they know how economics works (and resist UNLEARNING) but I’ve had success! Worse yet, economics was BOUGHT by billionaires, who fund far-right, libertarian Think Tanks to churn out policy papers “proving” government is the source of evil by stifling BILLIONAIRES from saving humanity! So many economists avoid public policy altogether.
Analysis of historic norms is already so dated (graphs ending on straight upward trend lines should always give us pause). Spending and borrowing in both the private sector (the "arms race" investment in data centers and power generation to operate them, especially by China and U.S. tech, to "not be left behind") and the U.S. government running up unprecedented debt (as are other nations) untethered from budget concerns forcing massive devaluations and bond market meltdowns.
The sad part is that since Summers became a board member of some AI companies — he may have renounced because of the Epstein files — now he thinks the natural rate is going to increase (higher productivity, investment, etc.), thus leaving behind the secular stagnation phase he promoted for so long. Obviously, zero adverse consequences for bad economics...
Yes, Summers led a life melodramatic enough for a biopic (and perfectly depicted in The Social Network biopic of Zuckerberg). As head of Harvard, he offended the ruling faculty by forcing them back into undergrad classrooms as part of his requirement for at least on freshman seminar instead of all auditorium course. He returned Harvard to study abroad, too. And he's hold conversations in each of the living quarters "Halls." Talk about slumming! He criticized Harvard's drift to interdisciplinary "Studies"-majors such as Black and Women's studies (unlike pandering state universities with 200+ majors, mostly non-disciplinary and career-specific, but no common core or liberal arts focus). The final "outrage" that forced him out was having the gall to pose intellectual counter arguments to the one weak Bell Curve attack argument (if only to suggest they refine or eliminate that flawed logic from legit criticism of obvious racist pseudo-science); horrified, Summers was dismissed for committing the unforgivable crimes of stepping beyond the high walls of his discipline and also of caring about undergrads). Since hanging is no longer an option, the smug, clueless faculty chose banishment and ad hominem (is it arrogant to speak truth to power?).
Judge Harvard by whether it educates students in the Western canon; by whether its undergraduates develop any virtue or understanding of the human condition; then judge whether Summers' economics improved any aspect of the American experience: "It is about aggregate demand," he would vociferate.
Lord Acton once said: "Power corrupts, and absolute power corrupts absolutely."
Summers is, yes, better than most economists - yet he lacks the humility that enlightened philosophers once possessed. He has been corrupted, and his knowledge and power have been used for his sole benefit.
As for Harvard and academia more broadly - you may find that Decline and Fall awaits them.
I followed this closely thru my Harvard contacts. Econ is the most applicable skill (I was the most useful one in academic, consulting, pro bono, committee, or multidisciplinary grant work). But Summers is an arrogant S.O.B, so he’s easy to “argue” by ad hominem. Also, econ is treated with contempt (its taught so badly by boring profs with bad texts: I’ve written texts, innovated teaching methods), econ is the opposite of “common sense” (middle aged folks are sure they know how economics works (and resist UNLEARNING) but I’ve had success! Worse yet, economics was BOUGHT by billionaires, who fund far-right, libertarian Think Tanks to churn out policy papers “proving” government is the source of evil by stifling BILLIONAIRES from saving humanity! So many economists avoid public policy altogether.
Analysis of historic norms is already so dated (graphs ending on straight upward trend lines should always give us pause). Spending and borrowing in both the private sector (the "arms race" investment in data centers and power generation to operate them, especially by China and U.S. tech, to "not be left behind") and the U.S. government running up unprecedented debt (as are other nations) untethered from budget concerns forcing massive devaluations and bond market meltdowns.