What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy.
Lawrence SummersWhen I look out the window at my backyard, I can't think of anything interesting to ask. I mean, it's green, it's growing-but nothing occurs to me that any concentrated effort of thought could possibly enlighten. Whereas in economic, statistical, or mathematical kinds of things, I can think lots of questions.
Lawrence SummersWhere countries have been able to carry through on their reform commitments - as in Korea, Thailand and the Philippines - results are starting to come in the form of lower interest rates, new investment and increased growth.
Lawrence SummersYou can't have a situation in which companies proceed on a permanent basis relying only on cash from the government.
Lawrence Summers