Such issues were addressed by Lawrence H. Summers (at right, center), then U.S. secretary of the treasury, at a campus event on November 2, 2000. Praised by Dean Robert S. Hamada (at right, right) for bringing a “powerful academic background to public service, ” Summers delivered the speech “U.S. Priorities and Challenges in the New Economy” to faculty, students, staff, and members of the press.

“Make no mistake––we have succeeded,” Summers said of the United States’ experiences in the new economy during the last 10 years. As proof, he cited combined inflation and unemployment rates of 6 percent, a budget surplus, and nine years of economic expansion.

Summers also pointed to three factors that he believes have been instrumental in the United States’ recent prosperity: adaptation to the information technology revolution; strong financial markets; and national policies that contribute to economic growth. Continued fiscal discipline will be a necessity for economic success in the coming years, he added.

The youngest Harvard faculty member ever to receive tenure, Summers taught the GSB’s own Steven N. Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, who also spoke at the event.