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Conversations with Tyler / episode intelligence

Larry Summers on Macroeconomics, Mentorship, and Avoiding Complacency (Live)

20 Sept 2017 20 published claims 2 attributable people

Speakers in the public record

Claim mix

belief 10evaluation 4prediction 4commitment 1uncertainty 1

Evidence policy

Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.

Claim ledger

The useful parts, with receipts.

20 published records

01 / belief

First thing I would do is try to talk everybody out of Brexit, which I think is a costly unforced error that will, ultimately, make the British people poorer and less influential in the world.

“First thing I would do is try to talk everybody out of Brexit, which I think is a costly unforced error that will, ultimately, make the British people poorer and less influential in the world.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

03 / belief

One is, Mexico has still some very serious rule-of-law issues, some very serious security issues associated with the risks of becoming more like Colombia than it wants to be, and I suspect those are larger issues than many outside Mexico appreciate.

“One is, Mexico has still some very serious rule-of-law issues, some very serious security issues associated with the risks of becoming more like Colombia than it wants to be, and I suspect those are larger issues than many outside Mexico appreciate.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

05 / belief

One is, I would say your temptation is going to be to spread the butter uniformly across the bread and to try to do everything, and that your $100 million is a lot of money, but the budget of the city of St.

“One is, I would say your temptation is going to be to spread the butter uniformly across the bread and to try to do everything, and that your $100 million is a lot of money, but the budget of the city of St.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

06 / belief

If I think about Russia and its recent history, I’m never sure if I should feel it’s gone better than we could have expected or if it’s gone worse.

“If I think about Russia and its recent history, I’m never sure if I should feel it’s gone better than we could have expected or if it’s gone worse.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

07 / belief

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.

“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.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

08 / belief

I would say since maybe 2006, at least I have been expecting some kind of discrete event to occur in China, where we all say, “Uh-oh, now it’s happened.

“I would say since maybe 2006, at least I have been expecting some kind of discrete event to occur in China, where we all say, “Uh-oh, now it’s happened.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

09 / belief

If we think about the 1980s, there are a lot of models from that time — some coming from your research — where you have an infinite horizon model with a zero tax rate on capital income.

“If we think about the 1980s, there are a lot of models from that time — some coming from your research — where you have an infinite horizon model with a zero tax rate on capital income.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

12 / evaluation

There’s a fair amount of what’s really capital income in the form of unrealized capital gains that never gets taxed. So I think the right aggregate capital income tax rate is closer to what would go with a comprehensive income tax than it is to the alternative idea that capital income taxation is just a way of taxing future consumption, and therefore you should tax future consumption and present consumption at the same rate and the tax rate should be zero.

“There’s a fair amount of what’s really capital income in the form of unrealized capital gains that never gets taxed. So I think the right aggregate capital income tax rate is closer to what would go with a comprehensive income tax than it is to the alternative idea that capital income taxation is just a way of taxing future consumption, and therefore you should tax future consumption and present consumption at the same rate and the tax rate should be zero.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

14 / prediction

If I think of unions being much stronger, even without worrying about allocative efficiency costs, I just see this one-time bump upwards of maybe 3, 4 percent, which would be a gain but wouldn’t change the fundamental reality on the ground.

“If I think of unions being much stronger, even without worrying about allocative efficiency costs, I just see this one-time bump upwards of maybe 3, 4 percent, which would be a gain but wouldn’t change the fundamental reality on the ground.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

15 / prediction

To take it to some place that’s outside of athletics, where I’ve been very struck, I think the evidence is overwhelming, or at least very strong, in favor of the so-called Flynn Effect, which suggests that all over the world, if you administer any kind of constant IQ test, averages in populations have been getting smarter for a long time.

“To take it to some place that’s outside of athletics, where I’ve been very struck, I think the evidence is overwhelming, or at least very strong, in favor of the so-called Flynn Effect, which suggests that all over the world, if you administer any kind of constant IQ test, averages in populations have been getting smarter for a long time.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

16 / evaluation

I think, secondarily, the factors we were referring to a few moments ago, having to do with the reductions in workers’ leverage and bargaining power, means that a degree of tightness in labor markets that would in an earlier point have set off a wage spiral, no longer sets off a wage spiral because of how nervous workers are.

“I think, secondarily, the factors we were referring to a few moments ago, having to do with the reductions in workers’ leverage and bargaining power, means that a degree of tightness in labor markets that would in an earlier point have set off a wage spiral, no longer sets off a wage spiral because of how nervous workers are.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

17 / prediction

I think I’d be inclined to say that, if there’s more monopoly, there’s more money going to monopoly firms where there’s a low propensity to spend it, both because the firms don’t invest and because the owners of the firms tend to be rich or endowments that have a low propensity to spend.

“I think I’d be inclined to say that, if there’s more monopoly, there’s more money going to monopoly firms where there’s a low propensity to spend it, both because the firms don’t invest and because the owners of the firms tend to be rich or endowments that have a low propensity to spend.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

18 / uncertainty

I think we don’t fully understand why there are so many places where the long-term interest rate is more responsive to what the central bank in Washington does than what the central bank in their capital city does.

“I think we don’t fully understand why there are so many places where the long-term interest rate is more responsive to what the central bank in Washington does than what the central bank in their capital city does.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

19 / prediction

I think a variety of the factors holding down investment — the demographic factor, the fact that you can buy an enormous amount of capital for a very low cost, think about my iPhone — all of that I think operates in the direction of meaning that we’re likely to have this phenomenon of low real interest rates and secular stagnation for quite a long time to come.

“I think a variety of the factors holding down investment — the demographic factor, the fact that you can buy an enormous amount of capital for a very low cost, think about my iPhone — all of that I think operates in the direction of meaning that we’re likely to have this phenomenon of low real interest rates and secular stagnation for quite a long time to come.”
Speaker
Larry Summers
Publisher
Conversations with Tyler

20 / evaluation

I don’t know where Ethereum is going. It makes me nervous whenever I see an asset where I think most of the demanders are buying it in the anticipation of selling it to somebody else at a higher price rather than buying it in the anticipation of some use they’ll put it to or some set of cash flows they’ll receive.

“I don’t know where Ethereum is going. It makes me nervous whenever I see an asset where I think most of the demanders are buying it in the anticipation of selling it to somebody else at a higher price rather than buying it in the anticipation of some use they’ll put it to or some set of cash flows they’ll receive.”
Speaker
Larry Summers
Publisher
Conversations with Tyler
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