Lawrence Summers Quotes


I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to it.


Citations

Summers, Lawrence H. Internal Memo. World Bank, 12 Dec. 1991.

Related Quotes

Many pollution control standards are created by specifying a maxilum allowable proportion of a toxic substance in any waste. So what many polluters do is to dilute their toxic waste with enough water to lower the pollution proportion to meet the standard and then dump the waste into the ground where it runs into the streams, rivers, bays and aquifers. This is “pollution by dilution”. When this is done, the same amount of toxic material is dumped and nothing is improved.


The major reason for not yet harvesting waste is the labor, caital, and energy costs of recycling relative to the value of the resource is too high. Technology improvements and greater shortages continuously change the equation in favor of harvesting more and more resources.


Lawrence Summers
Lawrence Summers
  • Born: November 30, 1954
  • Nationality: American
  • Profession: Economist

Lawrence Henry Summers is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank (1991–93), senior U.S. Treasury Department official throughout President Clinton's administration (ultimately Treasury Secretary, 1999–2001), and former director of the National Economic Council for President Obama (2009–2010). He is a former president of Harvard University (2001–2006), where he is currently (as of March 2017) a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.