There Will be No Economic Growth in the Absence of Bubbles |
| November 24, 2013 | November 2013 Bond Updates |
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Just when we need bubble-free growth, Harvard economist and former Obama White House adviser, Larry Summers, comes forward to argue that economic growth prior to 2008 was "growth that was reliant on bubbles." Even worse, Summers is expressing the damning notion that our economic framework "may well not produce growth in the absence of bubbles." And here's the shocker: "Somehow, even a great bubble wasn't enough to produce any excess in aggregate demand," according to Summers. |
| View more at: http://www.forbes.com/sites/robertlenzner/2013/11/22/bubbles-may-be-required-to-produce-real-economic-growth/ |
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