There's been a small, but influential, hysteria surrounding the idea is that a huge wave of automation, technology and skills have lead to a massive structural change in the economy since 2010. The implicit argument here is that robots and machines have both made traditional demand-side policies irrelevant or naïve, and been a major driver of wage stagnation and inequality. Though not the most pernicious story that gained prominence as the recovery remained sluggish in 2010 to 2011, it gained an important foothold among elite discussion. That is over.David Autor and Larry Summers tear apart the idea that a Machine Age is responsible for our economic plight.
Solyndra used to make thin-film solar cells, but they could not make any money. The Department of Energy tried to help with a $535 million “Green” loan guarantee but the DOE missed the memo that says EBITDA needs to be in the black if they expect to keep taxpayers out of the red. Private investors kicked in another $70 million eventually but only after the DOE primed itself. As White House economic advisor Larry Summers noted, “…[government] is a crappy vc [venture capitalist]…" Thanks to the DOE though, 40 employees and 150 contractors got to keep their jobs for an extra week last year according to the WaPo.
Nationalize. Reorganize. Decentralize. anewwayforward.org wants you to organize a protest on April 11th to express your frustration and disapproval with how our elected officials have handled the economic crisis.
"There are half a dozen [economic] issues today, each one of which is as important as the most important issue at the beginning of most presidential terms." Larry Summers became so well-known during his brief and contentious tenure as President of Harvard that it's easy to forget about his real job, as a much-lauded academic economist with a history of real-world service at the World Bank and in the Clinton Administration. In this month's Harvard Magazine, he summarizes his view of the economy (grim) and what the next president is going to have to do about it (a lot.)
No stranger to controversy, Former Treasury Secretary Larry Summers steps down from Harvard. Somewhere, the world's smallest violin is playing...
Harvard has finally released a transcript of Lawrence Summers' remarks at a conference about women in science and engineering. These remarks, which were made without members of the press present about a month ago, caused a lot of controversy. Now we can finally see what he actually said.