LARRY SUMMERS MAY BE OUT of the White House, but he is still a remarkable bellwether of establishment economic thinking. As the Treasury secretary under President Clinton, he was a stalwart of fiscal discipline and financial deregulation; as the director of President Obama’s National Economic Council through 2010, he was a brake on big stimulus proposals. Now, in these days of worldwide fiscal austerity, he has reinvented himself, in lectures, on television, and in the press, as a pro-growth moderate. In an essay published in the Financial Times last March, for example, he warned against the ... Read More
