If you look at the history of the American capital market, there’s probably no innovation more important than the idea of generally accepted accountancy principles.
Meaning of the quote
The quote means that when it comes to the American economy, the development of widely accepted accounting rules and standards was one of the most important and useful innovations. These accounting principles help businesses and investors understand financial information better, which is crucial for a healthy economy.
About Lawrence Summers
Lawrence Summers is an American economist who has held several high-profile positions, including serving as the U.S. Secretary of the Treasury and president of Harvard University. He has played a significant role in economic policymaking and has been involved in notable events like the 1994 Mexican financial crisis and the deregulation of the U.S. financial system.
More quotes from Lawrence Summers
I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to it.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
In the history of the world, no one has ever washed a rented car.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
I’ve always thought that underpopulated countries in Africa are vastly underpolluted.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
But ultimately what I was impressed by during my years in government was how much the intellectual climate and the prevailing intellectual notions constrained and represented the universe within which the discourse took place.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
The availability of private insurance provides tremendous insulation for millions of individuals.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
Contagion has become very much a phenomenon, and it’s a phenomenon of globalization.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
There are children who are working in textile businesses in Asia who would be prostitutes on the streets if they did not have those jobs.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
If you look at the history of the American capital market, there’s probably no innovation more important than the idea of generally accepted accountancy principles.
American economist, Secretary of the Treasury, college administrator, and U.S. government official
It certainly was difficult to sell NAFTA because it’s always difficult to sell open markets.
American economist, Secretary of the Treasury, college administrator, and U.S. government official