Thomas Sowell, who has a degree from Harvard in economics, said the best thing about having a Harvard degree was 'never again having to be impressed by someone with a degree from Harvard."  In this article, Sowell's opinion of Harvard graduates will be extended to Harvard faculty in the person of Lawrence H. Summers. 

Preface and Update:

In his post-crisis memoir, The Courage to Act, Ben Bernanke recalls 'seething' in anger at AIG;

On February 20, 2004 Ben Bernanke gave one of the most remarkable speeches of his lengthy Fed career; he served at the Fed from 2002-2005 and 2006-2014.  He claimed "improvements in monetary policy, though certainly not the only factor, have probably been an important source of the Great Moderation."  (1)  The Great Moderation was a term economists and central bankers ca

In last week's article, the hierarchy of economic prices was discussed. (1) There it was described that in an economy ravaged by a monetary inflation, wealth would best be preserved by owning assets.  On the other hand, people whose wealth was measured in goods and wages would fare much worse.  A simple equation was introduced which summarized this result;