Lawrence Henry Summers American economist, director of the National Economic Council Date of Birth: 30.11.1954 Country: USA

Biography of Lawrence Henry Summers

Lawrence Henry Summers, also known as Larry Summers, is an American economist who has made significant contributions to various fields of economics. He is best known for his work in government finance, labor economics, financial economics, macroeconomics, international economics, economic demography, economic history, and development economics.

Born on November 30, 1954, in New Haven, Connecticut, Summers comes from a family of Romanian Jewish descent. Both of his parents, Robert and Anita Summers, were economists and professors at the University of Pennsylvania. Interestingly, Robert changed his surname from Samuelson to Summers, following the example of one of his older brothers. Additionally, Summers is the nephew of two Nobel laureates in economics, Paul Anthony Samuelson and Kenneth Arrow.

Summers spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School. At the age of 16, he became a student at the Massachusetts Institute of Technology (MIT), initially studying physics but quickly switching to economics. In 1975, Summers graduated from MIT with a bachelor's degree. During his time as a student, Summers actively participated in the university's debate team.

In 1982, Summers earned his doctoral degree from Harvard University, becoming one of the youngest professors in the institution's history at the age of 28. However, during this time, he was diagnosed with Hodgkin's disease and underwent treatment, ultimately overcoming cancer.

Summers has had a distinguished career in academia and government. He served as a staff member of the Council of Economic Advisers under President Ronald Reagan from 1982 to 1983. From 1999 to 2001, during President Bill Clinton's administration, Summers held the position of Secretary of the Treasury. In 2009, he was appointed as the director of the National Economic Council under President Barack Obama.

Though highly accomplished, Summers has faced his share of controversies. As the 27th president of Harvard University from 2001 to 2006, he faced a vote of no confidence due to conflicts with philosopher Cornel West, financial interests related to economist Andrei Shleifer, and a controversial speech in 2005 suggesting that the underrepresentation of women in scientific and technical disciplines was due to their lack of ability.

Summers has also been criticized for his economic policies as Treasury Secretary and his extensive financial ties to Wall Street. Despite these criticisms, he continues to be recognized and respected as a prominent economist.

In his personal life, Summers is married for the second time. He has two twin daughters, Ruth and Pamela, and a son named Harry from his first marriage to Victoria Perry. In December 2005, Summers married Elisa New, an English professor, who already had three daughters from her previous marriage. Currently, Summers owns two homes, one in Washington, D.C., and another in Brookline, Massachusetts. He practices the Jewish faith.