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Quote by Lawrence Summers

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Lawrence Summers
Lawrence Summers

American economist who served as the Undersecretary for International Affairs at the United States Department of the Treasury. Born on November 30, 1954. more

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“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.”

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Author:Lawrence Summers
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“The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.”

PeopleHas BeensStatesLawGrowthNumbersEconomyClearGreaterInternetConnectionsMachinesImpactFlawsSquaresParticipantsFaxFax Machines
Author:Paul Krugman
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