Larry Summers on the New Commanding Heights
By Arnold Kling
Look, the most rapidly growing sector of jobs over the last decade, and in the forecasts for the next decade, is health care, and education is in the top five. So we need to embrace that. We need to figure out how to make those jobs be better targeted; we need to figure out how to make them be better jobs; we need to do that.
I thought that the Facebook movie (“The Social Network”) portrayal of Summers was wrong, because that is not the way that I see him. But he says it was a legitimate portrayal, and he explains why.
I rate the interview a must-read (or see, if you are inclined to watch the video). For example,
If you look at the price earnings ratio for technology companies relative to the price earnings ratios for all industrial companies, you take that ratio, PE technology divided by PE industrial, you can plot that ratio over the last 40 years, and it is at the lowest point that it’s ever been.