“Summers’s outlook on economic policy can be summarized by the remark that he gave me some years ago: “If I had your views on economics, I would find another profession.” He meant that if free markets usually worked well and the government ought usually to stay out, then he would find economics to be an uninteresting occupation. Fortunately for Summers, he has always believed in the potential benefits from governmental activism, although the strength of this belief may have diminished over time.”

—  Robert Barro

Source: Nothing Is Sacred (2002), p. 33

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Summers’s outlook on economic policy can be summarized by the remark that he gave me some years ago: “If I had your vie…" by Robert Barro?
Robert Barro photo
Robert Barro18
American classical macroeconomist 1944

Related quotes

“Things would have worked out a lot better if we had bought our first television set a year earlier, in 1950, so that I could have watched DiMaggio while he was still great. Then I could have shared with my father and other people the vision of the eternal baseball star. It might even have helped me to have more appreciation for some of my elders in the economics profession. But maybe I should be worrying instead about what the young hot shots in economics are thinking of me.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 65

“We have defined the main task of economic analysis as the explanation of the magnitudes of economic quantities. The student will find also that the main part of this, as of most other works on the subject, is concerned with the theory of the determination of prices, wages, interest rates, incomes, and the like. He may well inquire, therefore, in the midst of so much mathematics, whether the first task of economics is not the investigation of wealth, or welfare. Some economists have endeavored to restrict the boundaries of the science to the investigation of those quantities which are numerically measurable. Well-being, under such a restriction, would not be part of economics at all.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, Economic Analysis, 1941, p. 7-8

“Marx, although a man of broad knowledge, had one blind spot: he was ignorant of the true character of economics. He did not realize that economics can only be understood in close relationship to the other humanities (and certain sciences), and therefore should not be studied in vacuo. Ironically, this very weakness was largely instrumental in making Marxism successful. Marxist economics—yet another instance of a false but clear idea—can be explained to the merest child in a matter of minutes. (Conversely, to explain the workings of the free market economy to an adult would take weeks of hard work.) Because it was easily grasped, Marxism flooded the world within a few decades, as had other simplistic ideologies and religions, such as Islam and the Enlightenment; this same sort of simplicity gave rise to the French Revolution and national socialism. Christianity, on the other hand, took three centuries to triumph.”

Erik von Kuehnelt-Leddihn (1909–1999) Austrian noble and political theorist

Source: Leftism Revisited (1990), p. 337

“The economic policy issues that we debate today—trade policy, inflation, the proper role of government, the eradication of poverty, and the means of raising the rate of economic growth—have been discussed by economists for more than two centuries. Many of today’s economic policies—both the good ones and the bad—are the result of the ideas of those past economists. And many of today’s debates about economic policy can be understood only by those who have at least some familiarity with the ideas of earlier economists.
The giants of economic science during the past two hundred years have been men concerned with the critical policy issues of their time. They studied the working of the economy in order to advocate better economic policies. But despite their concern with policy, they were not polemicists or politicians but men who sought to persuade their contemporaries in government and in the broader public by analysis and evidence that would meet the standards of professional debate.”

Martin Feldstein (1939–2019) American economist

Martin Feldstein (1989), Foreword to New Ideas from Dead Economists by Todd Buchholz.

Park Chung-hee photo

“In May 1961 when I took over power as the leader of the revolutionary group, I honestly felt as if I had been given a pilfered household or bankrupt firm to manage. Around me I could find little hope of encouragement. The outlook was bleak. But I had to rise above this pessimism to rehabilitate the household. I had to destroy, once and for all, the vicious circle of poverty and economic stagnation. Only by reforming the economic structure would we lay a foundation for decent living standards.”

Park Chung-hee (1917–1979) Korean Army general and the leader of South Korea from 1961 to 1979

As quoted in An economy in armor; in Korea's quiet revolution https://books.google.com/books?id=yJZKpYXh2SAC&printsec=frontcover&dq=the+two+koreas&hl=en&sa=X&ei=4QMiVa7UCsu3sAWQxoAg&ved=0CB0Q6AEwAA#v=onepage&q=the%20two%20koreas&f=false (1992), by Frank B. Gibney, New York: Walker and Company, p. 50

J. R. D. Tata photo

“While I usually came back from meeting Gandhiji elated and inspired but always a bit sceptical, and from talks with Jawaharlal, fired with emotional zeal but often confused and unconvinced, meetings with Vallabhbhai were a joy from which I returned with renewed confidence in the future of our country. I have often thought that if fate had decreed that he, instead of Jawaharlal, would be the younger of the two, India would have followed a very different path and would be in better economic shape that it is today.”

J. R. D. Tata (1904–1993) Indian businessman

Keynote: Excerpts from his speeches and chairman's statements to shareholders

Roberto Mangabeira Unger photo

“In a free society, the individual has the educational equipment, as well as the economic and political occasion, to cross the frontier between the activities that take the framework for granted and those that bring it into question. He has been educated in a way that enables the mind as imagination to become ascendant over the mind as machine. He has learned to philosophize by acting, in the sense that he recognizes in every project the seed of some great or small reformation.”

Roberto Mangabeira Unger The Religion of the Future

Source: The Religion of the Future (2014), p. 295

“Then he asks if he can kiss me. It is a question I don’t usually like. Just do it, I always think.”

Emily Giffin Something Borrowed

Source: Something Borrowed

Friedrich Hayek photo

“A reconsideration of the discussion in which I took an active part more than 40 years ago has left me with a rather depressing view of the somewhat shameful state of what has become an established part of economic science, the subject of ‘economic systems’. It appears to me that in this subject political attractiveness has been preserved by the flimsiest of arguments. The kindest thing one can say is that some well-meaning people have allowed themselves to be deceived by the vague and thoughtless language commonly used by specialists in the theory of these issues.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, "Two Pages of Fiction" (1982)

Daniel Drezner photo

“Paul Krugman is a very smart and very annoying person. Over the past few years he's been hammering away at political and economic advocates for austerity policies with unmitigated glee and derision. He does so with a brio and condescension that some people can find off-putting -- but that doesn't mean that he's wrong. … Look, I think Paul Krugman has a few policy blind spots. His method of argumentation alienates as many people as it attracts. But he's not wrong when he's talking about austerity. In his response, Michael Kinsley has managed to embody the conventional wisdom in Washington -- and in doing so, embody every policy caricature of Paul Krugman's worldview.”

Daniel Drezner (1968) American journalist

The worst piece of conventional wisdom you will read this year http://www.foreignpolicy.com/posts/2013/05/16/the_worst_piece_of_conventional_wisdom_you_will_read_this_year (MAY 16, 2013)

Related topics