Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insights into the current economic recovery, noting that we need long-term structural changes to encourage strong growth in investments and jobs.

Lawrence Summers, President Emeritus and Charles W. Eliot University Professor at Harvard University, and former U.S. treasury secretary, talked about “Responsible Nationalism.” 

Edward Lazear, the Morris Arnold Cox Senior Fellow at the Hoover Institution and former chairman of the President's Council of Economic Advisers, offers insights into the current economic recovery, noting that we are a long way from where we need to be. In assessing Mitt Romney’s plan for the economy, Lazear says that the US economy is not seeing the recovery we need because the focus has been on short-term growth that gives a quick bump to the economy but does not really change anything. The United States, Lazear avers, needs long-term structural changes, such as broadening the tax base, lowering the tax rates, and improving trade, for the economy to recover.

Vladimir Mau, rector of the Academy of the National Economy under the Government of the Russian Federation and an economic adviser to Russian president Dmitry Medvedev, met with Hoover fellows on Thursday, June 24.

Fear that failure of a large complex financial institution can cause severe damage to the economy has created a pervasive bailout mentality among policymakers in the United States. As a result the federal government has committed huge amounts of taxpayer dollars, intervened in a host of normally private–sector activities, and induced excessive risk‐taking by people expecting the bailout policy to continue. Americans are understandably angry about a policy which rescues the people who take risks and fail at the expense of everyone else. But how can we reduce the bailouts? As George Shultz puts it, “If clear and credible measures can be put into place that convince everybody that failure will be allowed, then the bailouts, and the expectations of bailouts, will recede and perhaps even disappear.” The purpose of this workshop is to propose, present, and debate such measures.