Lawrence H. Summers, Charles W. Eliot University Professor, Harvard Kennedy School:

February 3, 2011

 

“From Pericles to 1800, living standards rose only 50%. This has changed radically since the industrial revolution but there is still tremendous potential to catch up in emerging markets. If living standards continuously increase 7% a year in China, over a lifetime they will increase one-hundred fold. This has huge repercussions.”