Warning of the Leviathan coming from a Keynesian

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Larry Summers: ‘I’m concerned that what is being done is substantially excessive’

Former treasury secretary criticises the scale of Biden’s fiscal policy and warns it could lead to overheating and wasted resources.

This is part of a series, ‘Economists Exchange’, featuring conversations between top FT commentators and leading economists about coronavirus economic recovery. The world economy is struggling to escape the economic shock of Covid-19. During the worst of this pandemic, high-income countries provided a scale of fiscal and monetary….