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Title : Larry Summers: On The Road
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Larry Summers: On The Road

This onetime Treasury Secretary, establishment elitist economist, is no Jack Kerouac but this ameliorate than well-nigh of the Keynesian nonsense he writes:

I accompanied my married adult woman on a trip dissimilar to whatsoever I had e'er taken. We drove for 2 weeks on two-lane roads from Chicago to Portland across the Great Plains in addition to Rocky Mountains. The larger cities nosotros passed through included Dubuque, Iowa, Cody, Wyoming in addition to Bozeman, Montana.

Driving across America, equally opposed to looking downwards from a plane, makes clear how much of this vast province is uninhabited. Again in addition to again, nosotros encountered signs alarm us to banking enterprise tally our gas because it would survive 50 miles to the side past times side gas station. I’m certain at that topographic point were moments when nosotros were 250 miles from whatsoever house where I could receive got bought an iPhone charger. Often at that topographic point was no mobile telephone service either.

Much of the reason nosotros saw was non solely uninhabited but also seemed pose to trivial economical purpose — valleys likewise arid to farm or fifty-fifty to back upward ranching; mount ranges likewise rugged (vulnerable to snowfall or falling stone or fire) to back upward yr circular economical activity. We drove past times to a greater extent than or less romantic ghost towns but to a greater extent than abandoned cafés, gas stations in addition to hotels.

The abundance of reason seemed non simply a rural but an urban phenomenon. Every attraction nosotros visited had plenty parking spaces for 10 times the publish of visitors it enjoyed. We had our selection of metered parking spaces on master copy streets from Dubuque to Keystone when nosotros stopped for lunch.

We were also struck past times how remote the concerns of the coasts seemed. TVs inward bars in addition to restaurants were rarely turned to intelligence channels. (via FT)

-RW 

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