Pubblicato da: Massimiliano Neri | 4 agosto 2009

Summers and the notion of “consistency”

Laurence Summers is Director of the White House’s National Economic Council for President Barack Obama.

He once wrote:

“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 [un]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 Summers, quoted in The Commanding Heights: The Battle Between Government and the Marketplace that Is Remaking the Modern World, by Daniel Yergin and Joseph Stanislaw.  New York: Simon & Schuster.  1998, pp. 150-151.)

Probably Professor Summers meant to say that this rule is universal for the benefit of society but not for the benefit of Goldman Sachs

Director of the White House’s National Economic Council for President Barack Obama.Director of the White House’s National Economic Council for President Barack Obama.Director of the White House’s National Economic Council for President Barack Obama.

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