Quotessence
Home / Quotes / Quote by Lawrence Summers

Quote by Lawrence Summers

“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.”

Quote by Lawrence Summers

Create image

Author

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

You May Also Like

“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
Create image

“You know that Republicans will yell about the evils of partisanship whenever anyone tries to make a connection between the rhetoric of Beck, Limbaugh, etc. and the violence I fear we’re going to see in the months and years ahead. But violent acts are what happen when you create a climate of hate. And it’s long past time for the GOP’s leaders to take a stand against the hate-mongers.”

KnowsTryingYearsLongHappensPastHateEvilLeaderViolenceMonthsRepublicanConnectionsClimateViolentEtcRhetoricGopPartisanshipViolent Acts
Author:Paul Krugman
Create image

“So, very early reports are that Obamacare exchanges are, as expected, having some technical glitches on the first day - maybe even a bit worse than expected, because it appears that volume has been much bigger than predicted. Here’s what you need to know: this is good, not bad, news for the program... Lots of people logging on and signing up on the very first day... is an early indication that it’s going to be fine, that plenty of people will sign up for the first year of health reform.”

PeopleKnowsNeedsYearsFirstsHas BeensBitsFineNewsProgramBiggerExpectedPlentyReformReportsVolumeObamacareIndicationBad NewsSigningLoggingGlitchesSigning UpHealth Reform
Author:Paul Krugman
Create image

“If you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God.”

IfsWantYearsStatesFactsNextSimpleUnitedUnited StatesModelsErrorsRatePlusUnemploymentReflectingMinusPredictingUnemployment Rate
Book:The Accidental Theorist: And Other Dispatches from the Dismal Science
Create image