- For Experts
In this brief survey of old ideas and new realities, noted economist Larry Summers argues persuasively that challenges such as anemic growth need a fresh macroeconomic framework. He resurrects the theory of secular stagnation – a 1930s concept that explains long periods of slow expansion – as the center of a “new old Keynesian economics” suited to fixing modern problems. Though this article predates the coronavirus and the massive US fiscal response, the COVID-19 pandemic makes Summers’s recommendations all the more relevant.
About the Author
Lawrence H. Summers is a professor at Harvard University. He is a former Treasury secretary and director of the White House National Economic Council.
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10 months agoInteresting. On page three he specifically mentions demographics - I'd love to see Summers' next article focus on how he thinks demographics will play into economic consequences for China in particular, Europe in part. In China, are they overbuilt for their coming crash in working-age population? What will this do to the world economy, given the indebtedness? Similarly, while somewhat less in debt, how does the European economy move into growth mode?