This interesting bit from an FT chat with Larry Summers, director of the National Economic Council
This new American economy, Summers hopes, will be “more export-oriented” and “less consumption-oriented”; “more environmentally oriented” and “less energy-production-oriented”; “more bio- and software- and civil-engineering-oriented and less financial-engineering-oriented”; and, finally, “more middle-class-oriented” and “less oriented to income growth that is disproportionate towards a very small share of the population”. Unlike many other economists, Summers does not believe that lower growth is the inevitable price of this economic paradigm shift.
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3 comments so far
We’ll just overcome higher taxes, more regulation, new government social programs and just magically return to a dynamic high growth economy again. What will lead to risk taking, capital investment, innovation, and wealth formation? It will just happen because it always has happened. Sorry not this time.
- Posted by Scot SterenbergYear, more like Im eating Obama Fruit Loops for breakfast.
More takes, more taxes, more social programs, more social programs, more regulation, European health care, more government debt, more Government Motors, lets all not wear clothes because were of Global Warming?
keep drinking Obama Coolaid and eating ObamaFruit Loops right?
- Posted by IanDoes Summers see the deficits and entitlement bomb coming our way?
- Posted by Austrian School