Larry Summers’ Conversion?

ByReview Staff

Although my family did end its subscription last year due to the magazine’s increasingly visible slants, Newsweek still has some interesting articles. This piece discusses changing persona and economic positions of Obama’s top economic advisor, former Harvard President and Clinton Treasury Secretary Larry Summers. The article points out that Summers has moved out of his free market mold to support more interventionist policies because of the changing circumstances of the financial crisis; on the other hand, he may eventually move back towards the middle and endorse more moderate regulation policies. 

I don’t buy any talk of economic revelations in light of the financial crisis. It seems apparent to me that there is little consensus among economists, both among free-marketers and those who are traditionally more supportive of government intervention, and that many Obama advisers and cabinet members are “going along with the flow” of the massive government stimulus. I certainly hope they guess right on this one.

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  • Cornell students, community members, and alumni contribute to the Cornell Review. Staff consists of student writers collaborating on articles, with occasional guest submissions as well.

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Cornell students, community members, and alumni contribute to the Cornell Review. Staff consists of student writers collaborating on articles, with occasional guest submissions as well.

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