Larry Summers: belief

Transcript context

…The question, basically: Are there two or three really important issues that economists should be looking at in the world of the digital economy — like the value of copyright — that you think would need more attention, which is a homework assignment for economists looking for hot new topics? I think there’s a lot of work to be done on intellectual property, its marketing, and the ways in which intellectual property is enforced. I think there’s a lot of work to be done on market structure in digital industries, what constitutes increased competition, and what constitutes measures that foreclose competition. There’s a lot of work to be done on intangible infrastructures that promote exchange, blockchain being one example, but I don’t understand why there should still be three-day financial settlements on anything in the world of today’s technology. I’ve got a question on your paper with Natasha Sarin, and you’re slightly critical of the regulatory stress tests for being over-reliant on regulatory measures for capital. My question is, what would you redesign about the CCAR stress tests if you had a chance?…

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