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On Growth

Larry Summers

17 September 2012


New Policy Network pamphlet with a foreword by Ed Balls MP, shadow chancellor of the UK exchequer

British economic forecasts continue to be revised downwards, with a decade or more of Japan-style stagnation emerging as a real risk.

In a new Policy Network pamphlet, Larry Summers argues that in the current environment, to continue to radically slash public investment is to violate the Hippocratic Oath – first, do no harm. It compromises jobs, it compromises the future, it ultimately raises the debt burdens that are passed on to the next generation.

Arguing that the UK economy is struggling not just because of an unwillingness to invest more but a determined insistence on investing less, Summers points out that there needs also to be a systematic long-run look at the financial health of the public sector, a healthier and more responsible financial system, and a focus on investment in human capital formation.

The pamphlet, based on a speech delivered by Mr Summers at a recent Policy Network conference, includes a foreword from Ed Balls, UK shadow chancellor.

Read Larry Summers' accompanying op-ed in The Financial Times here.

About the author
Larry Summers is an economist and former director of the US National Economic Council for President Obama and was US Secretary of the Treasury under president Clinton.

Tags: Larry Summers , Growth , Ed Balls , Labour , George Osbourne , Fiscal policy , Monetary policy , Unemployment , Demand , UK Economy , Fiscal Contraction , Stimulus , Keynes , Investment , Political Economy , Social Democracy

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