American economist who served as Chief Economist of the World Bank, US Treasury Secretary, President of Harvard, and Director of the National Economic Council under Obama — one of the most prominent and controversial economists in public life.
Shaped US economic policy at critical moments and defined the secular stagnation debate — Summers served at Treasury through the Clinton boom and Asian financial crisis, and his 2013 secular stagnation speech (arguing that advanced economies face a chronic demand shortfall requiring sustained fiscal intervention) shaped post-2008 macroeconomic policy debate.
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