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Lawrence H. Summers and Sir Angus Deaton on Is Economic Failure an Economics Failure?

On Tuesday, October 17, Lawrence H. Summers & Sir Angus Deaton joined Markus’ Academy for a conversation on Is Economic Failure an Economics Failure. Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. During the past three decades, he has served in a series of senior policy positions in Washington, D.C., including the 71st Secretary of the Treasury for President Clinton, Director of the National Economic Council for President Obama and Vice President of Development Economics and Chief Economist of the World Bank. Sir Angus Deaton is a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Princeton School of Public and International Affairs and the Economics Department at Princeton University. Introductory remarks by Markus Brunnermeier. Timestamps: [0:00] Angus Deaton’s presentation on his recent book: Economics in America [10:17] Larry Summers’ response to Economics in America [20:24] Deaton: The danger is to say this is just not happening [26:27] Summers: but have economists failed as a profession? [31:33] Deaton: In a democracy we have to listen to disenfranchised voters [39:30] Summers’ response [42:56] Deaton: markets don't work as well as economists like to think [52:00] Summers on economics’ contribution [1:00:04] Deaton on empirical work today [1:04:40] Summers: 3 points of agreement