Larry Summers

Biography

American economist, former US Treasury Secretary and President of Harvard University.

School of Thought

New Keynesian Economics

Notable Quotes

On Productivity Paradox in Digital Age

"We may be in a period of secular stagnation where saving chronically exceeds investment."

—Larry Summers, IMF Economic Forum (2013)

On Human Capital in Age of AI

"AI will be the most important general-purpose technology of our era."

—Larry Summers, Bloomberg Interview (2023)

Additional Notable Quotes

On AI Governance and Regulation

"The central economic issue of our time is the disparity between the rapid pace of technological change and the slow pace of institutional adaptation."

—Larry Summers, Peterson Institute Speech (2023), September 14, 2023

On Deflation and Central Banking

"We may have to get used to negative real interest rates."

—Larry Summers, Financial Times (2019), June 4, 2019, "The Global Economy's Slow-Motion Crisis"

On Universal Basic Income and AI

"Universal basic income is a surrender to the robots."

—Larry Summers, Peterson Institute Debate (2020), February 13, 2020