Astral Codex Ten

Larry Summers

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Larry Summers

Article

Larry Summers is a recurring person in the Astral Codex Ten archive, appearing 7 times across 7 issues between June 22, 2021 and October 24, 2024. The archive places it in contexts such as “Larry Summers and Tyler Cowen are a bit more worried”; “A good recent example is Larry Summers who is nephew to Kenneth Arrow and Paul Samuelson”; “Tyler Cowen and Larry Summers are involved”. It most often appears alongside Metaculus, Tyler Cowen, United States.

Metadata

  • Category: People
  • Mention count: 7
  • Issue count: 7
  • First seen: June 22, 2021
  • Last seen: October 24, 2024

Appears In

Source Context

Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.

21
June 22, 2021 · Original source
I’m concerned about everyone else. Lots of celebrity economists seem to have some position on inflation. I take it that Larry Summers and Tyler Cowen are a bit more worried, and Jerome Powell and Matt Yglesias a bit less so. So by the end of the year, we know that inflation was some amount, and then who’s right?
Highlights From The Comments On Great Families
November 18, 2021 · Original source
A good recent example is Larry Summers who is nephew to Kenneth Arrow and Paul Samuelson who both won Nobel Memorial prizes in Economics. Also Janet Yellen's husband just so happens to have one a Nobel Memorial prize in Economics as well.
Links For November
November 25, 2021 · Original source
Boris Johnson (left) is 5’9, so the guy in the middle must be gigantic. Who is he? Looks like it’s Milo Djukanovic, President of Montenegro, who’s 6’6 (198 cm). Is he the tallest world leader? It seems like he’s tied with his colleague across the border, Serbian president Aleksandar Vucic. Why are Balkan leaders so tall? As usual, the answer is “genetics”. This article says: It has been noted that men from Herzegovina are taller on average than men in other places—the average male height is just over six feet...Putting all the data together, researchers concluded that the most likely cause of larger-than-average height of Herzegovinian men is lifestyle during the Paleolithic—men hunted large animals such as mammoth for survival—such a diet, heavy in protein, combined with small population densities, would have provided ideal conditions for height selection, resulting in increasingly taller men who passed the trait down through their I-M170 chromosome to future generations. Some sources note that they manage to beat the Dutch despite the latter country’s much higher human development index. The Dutch are probably tall through a combination of nature and nurture; Balkan people are tall through nature alone. 7: Eliezer Yudkowsky doesn’t need more ego boosts, but an idea he had a couple of years ago - using strings of bright lights to provide a better and brighter experience for Seasonal Affective Disorder sufferers than regular light boxes - spread from him to the rationalist community to the wider world, and has finally gotten tested in a formal study (see Acknowledgments section). Results seem vaguely positive: "SAD symptoms of both groups improved similarly and considerably...exploratory analyses indicate that a higher illuminance is associated with a larger symptom improvement in the BROAD light therapy group" 8: Percent of people who choose woke options on polls very tentatively and preliminarily seems to be going down post-Trump (h/t Richard Hanania). 9: Twitter conspiracy theories 10: Did you know: all those reconstructions of “how classical art would have looked with the original paint” are probably inaccurate. There is no reason to think the Greeks and Romans used garish technicolor hues on their statues; what evidence we have suggest they were good at shading, and the statues were probably colored very tastefully. 11: Complaints about how Karl Friston uses the term “Markov blanket” 12: Trevor Klee on the claim that cyclosporine patients don’t get dementia. Apparently there was a big study where basically nobody on the immunosuppressant cyclosporine ever got dementia, and there are some theoretical reasons why cyclosporine might prevent neurodegeneration. But another study found people on cyclosporine got dementia at the usual rate. I think in a situation like this you should have a really high prior on “the people who got the crazy result bungled their study somehow”, but I’m interested in hearing what other people think. 13: Also from Trevor: a history of fluvoxamine treatment for COVID. 14: To tide you over until the next book review contest, here is awanderingmind’s review of The Conquest Of Bread. 15: Claims: cnbc.com/2021/11/05/sam…\nft.com/content/dcb75a… (better article, but paywalled)","username":"moskov","name":"Dustin Moskovitz","profile_image_url":"","date":"Fri Nov 05 15:49:46 +0000 2021","photos":[],"quoted_tweet":{},"reply_count":0,"retweet_count":184,"like_count":1188,"impression_count":0,"expanded_url":{"url":"https://www.ft.com/content/dcb75a56-ca23-439c-96db-56483979bf34","image":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/80a58c96-c72f-4301-b571-aa9384f132bd_2400x1350.jpeg","title":"Subscribe to read | Financial Times","description":"News, analysis and comment from the Financial Times, the worldʼs leading global business publication","domain":"ft.com"},"video_url":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> 16: Big trial on Vitamin D for depression finds null result. Peter Attia tries to tear it apart here, but I am unconvinced, especially in the context of Vitamin D never working for any of the things people say it does besides the most boring aspects of bone health. 17: “California is actively considering the adoption of flawed and inequitable guidance on math curricula based on misleading data and inaccurate success metrics reported by San Francisco Unified School District (SFUSD)...Based on our review of the data, we found misleading, unsupported, and cherry-picked assertions of success for the new math program. We noted that overall test scores are down and enrollments in UC-approved advanced math classes have dropped as well.” It looks like San Francisco is trying the good old “lower standards, then when more kids meet the standards, claim your school reform plan worked” trick again. 18: A new study claims that self-reported “Long COVID” symptoms are more associated with believing you’ve had COVID than with actually having it (as measured by serologic testing), which sounds like pretty strong evidence that it’s psychsomatic. Expert reactions are mixed-to-negative, although the only one of these that doesn’t sound like excuse-making is Dr. Rossman’s about the unreliability of the tests. I haven’t confirmed test reliability stats but Philippe Lemoine also thinks this is a plausible confounder. 19: Noahpinion: What If Xi Jinping Just Isn’t That Competent? I appreciated this for making me think, and for underlining the extent of the difference between the Deng/Jiang/Hu era and what Xi’s doing. I especially appreciated this line, which I’d never thought about before: Xi presided over the end of China’s hypergrowth. To some extent this is not his fault. No country can grow at 10% forever, and there were many structural forces pushing downward on China’s numbers — the end of the demographic dividend, the exhaustion of rural surplus labor (the Lewis Turning Point), the saturation of export markets, and so on. But China is also slowing down earlier than South Korea, Taiwan, or Japan did in their day. China’s per capita GDP (at PPP) is still only about 1/3 that of a developed country, so if they stop catching up at about half of developed-country levels, that will not be a great showing. A big lesson of the past twenty years has been “actually liberal democracy isn’t necessary to reach developed-country status”, so it would be quite the twist if it turned out you needed liberal democracy to reach developed-country status. This gets pretty close to the great mystery of why some less-developed countries “catch up” and others don’t; whatever happens in China is going to be a really useful data point. 20: Variations on the fable of The Frog And The Scorpion. 21: You’ve probably heard about the University of Austin, the new project by a bunch of wokeness-critical academics to start a new university that won’t cancel people or force conformity (New York Post article, Politico article - these were the two least “you need to be super-outraged about this right now” articles I could find). Tyler Cowen and Larry Summers are involved; Steven Pinker was supposed to be but left for unclear reasons. My thoughts, in no particular order: Even forgetting the political aspect, attempts to start new universities are always welcome.
Inline links: Milo Djukanovic, Aleksandar Vucic, This article, in a formal study, Richard Hanania, Twitter conspiracy theories, There is no reason to think, Complaints about, cyclosporine patients don’t get dementia, a history of fluvoxamine treatment for COVID, The Conquest Of Bread, Vitamin D for depression, here, is trying, A new study, Expert reactions, Philippe Lemoine also thinks, What If Xi Jinping Just Isn’t That Competent?, Lewis Turning Point, slowing down earlier, per capita GDP (at PPP), the great mystery, Variations on the fable of The Frog And The Scorpion, New York Post article, Politico article
Book Review: Paper Belt On Fire
March 23, 2023 · Original source
An advertisement for the author’s hedge fund Michael Gibson’s memoir Paper Belt On Fire succeeds on all counts. The year was 2007. Gibson had just dropped out of Oxford (grad student, philosophy), and applied for a job with the CIA. His secret reason: when he was one year old, his father had admitted to his mother that he was a spy and might be in danger. Before he could tell her anything else, he was found dead, apparently of a heart attack. He thought maybe if he worked at the CIA, he would have access to more information about what happened. The CIA evaluated him (along with a telephone interview, an “IQ test, a personality test, a statement of values, [and] a set of essay questions”) and rejected him. Gibson got a job as an editorial assistant at a tech magazine and blogged on the side. Some of his blog posts came to the attention of Peter Thiel, who offered him a job at his hedge fund. Wasn’t it a bit bold to offer an Oxford philosopher a hedge fund job? Yes, the book mentions how brave and radical and unconventional Thiel’s hiring policies are about twice per paragraph. For example: The media consistently gets Peter wrong . . .The Atlantic’s George Packer wrote . . . that Peter’s hedge fund had the reputation of being a “Thiel cult” that was “staffed by young libertarian brains who were in awe of their boss, emulating his work habits, chess-playing, and aversion to sports.” Packer is a great writer, but in this he was dead wrong, as anyone actually working on the desk knew. Sure, Patrick “the Wolf Man” Wolff was technically a chess grandmaster, ranked higher than Peter, but hardly anyone else ever played. More importantly, the Wolf Man was a diehard Krugman Keynesian. Woersching was a lefty, too, an ardent fan of the egalitarian philosophy of John Rawls. And Josh, he was a dirt-road California Democrat who was a downhill ski junkie […] In truth, Peter didn’t hire just libertarians. He hired scapegoats who’d survived a mob. People who felt comfortable being a minority of one. Thiel in no way selects employees who agree with all of his controversial libertarian opinions. But, by total coincidence, Michael Gibson does agree with all of Peter Thiel’s controversial libertarian opinions. He writes about Cardwell’s Law; historian Donald Cardwell noted that no country remains on the cutting edge for long. During the early Renaissance, Italy was where it was at; a century later, it was Spain and Holland; later still, Britain and Germany, and now new discoveries and businesses come disproportionately from the United States. Why? Gibson and Thiel think that innovation is a rare and fragile plant, which thrives only in the hidden cracks between power structures. Established structures either stamp it out as a threat, or rent-seek off of it so hard that they bleed it dry. Wherever it succeeds, it has succeeded through weird quirks that prevent fat cats from parasitizing it to death. Hong Kong’s economic miracle was during the administration of John Cowperthwaite, an eccentric British libertarian who refused to collect economic statistics because he thought they would make it too easy for meddlers to extract value. America’s economic miracle happened because of a vast frontier - which not only provided freedom for westerners, but served as a BATNA for easterners, preventing their own institutions from sucking them too dry. Now the frontier has closed. New York City recently abandoned its attempt to build a light rail line to the airport: after reaching a $2.4 billion price tag and spending eight years in the planning phase, the government realized it wouldn't be able to overcome all the legal hurdles necessary to grant itself permission. The San Francisco Chronicle reported that it requires 87 permits, two to three years, and $500,000 to get permission to build houses in SF - and your plan might still get shot down because a planning commissioner thinks its glass windows are “a statement of class privilege”. The cracks have shut; the rare fragile plant has been shredded by a combine harvester. Gibson, like Thiel, is a believer in the Great Stagnation - the theory that we’re already reaping the consequences of our newly parasitic society. The early 20th century gave us cars, airplanes, electricity, and penicillin; the early 21st has so far given us some truly excellent social media sites but not much else. Innovation in the world of bits - unbound by geography, comparatively hard to regulate or extort - has sort of continued; innovation in the world of atoms has ground to a halt. And Gibson, like Thiel, talks like a man on a mission. What is good in man thrives only in a few tiny cracks, easily found and destroyed. The last crack was closed within living memory, but its legend hasn’t completely died; the few people who managed to pick up a little of its lore are racing against time to open a new crack before it is entirely forgotten and their project is left to the vicissitudes of history. The cover of “Paper Belt On Fire” goes hard. And yes, the “money” part is a reference to Bitcoin. Gibson’s heart was originally in charter cities - asking some government to open a tiny controlled crack in a sliver of its territory, promising it more meat in the end if it lets its victims grow fat and healthy than if it strangled them in the cradle. But for whatever reason they thought the time wasn’t ripe (the right time, apparently, would be 2019). Instead, Thiel asked Gibson to work on what would become the Thiel Fellowship. He teamed up with Danielle Strachman, a dangerously-hippie-adjacent burnt-out former charter school principal. Their plan was simple: offer talented kids $100,000 to drop out of school and do something exciting in the real world (usually start a company). Paper Belt spends long pages on the hate they got. Larry Summers called it “the single most misdirected bit of philanthropy this decade”. Journalist Jacob Weisberg said anyone who accepted the Fellowship would “halt their intellectual development at the onset of adulthood, maintaining a narrow-minded focus on getting rich as young as possible and thereby avoid the siren lure of helping others or pursuing knowledge for its own sake” (this was before journalists decided that helping others was also evil). Others focused on how there was no way any of these young people would possibly succeed or make money - when the first batch of Thiel fellows failed to revolutionize the world within one year, journalist Vivek Wadhwa wrote Billionaire’s Failed Education Experiment Proves There’s No Shortcut To Success. In fact (slightly conflating the part with the Fellowship with its successor fund): The press . . . hated us. In a 2016 New York Times op-ed, science journalist and author Tom Clynes claimed that “radical innovation has yet to emerge” from anything related to the Thiel Fellowship, and that “the biggest hits have been the most pedestrian.” Antonio Garcia Martinez, the author of the Silicon Valley memoir Chaos Monkeys, spewed forth his bile for us on social media: “For fans of ironic stupidity, Silicon Valley is a never-ending feast”, he wrote on Facebook. He went on to explain, with great vulgarity, why our fund would fail by backing young dropouts. My favorite . . . has to be the challenge issued by Scott Galloway, a professor and bloviator in marketing from NYU’s business school . . . who told Business Insider that if he picked ten smart recent graduates from his alma mater, the University of California at Berkeley, they would outperform any ten dropouts we worked with on some dimension of success related to income or startup formation. Of course he wouldn’t have written the book if any of these people had been right. I can’t find a list of all Thiel fellows, but there are ~20 per year and it’s been running about 12 years, so maybe 200 - 250? At least eight have founded companies valued at over a billion dollars, and others have become impressive philanthropists, activists, and scientists. Pretty good success rate. Gibson argues it’s not about the money, it’s about the mission. We’ve told young people they can’t succeed without the stamp of approval from big institutions. In order to get that stamp, they sacrifice their childhood on the altar of doing things that look nice to admissions officials, then go deep into debt to pay ruinous tuitions. All to waste four years of their lives listening to some professor drone on about post-colonial gender relations in Harry Potter so they can satisfy their gen ed requirement so they can learn the stuff they want to learn so they can get hired by McKinsey so that one day they can be cool and important enough to make a difference in the world. Why not tell young people they can just make the difference right now, without doing any of that? It’s not about the money - but when your graduates are routinely founding billion dollar companies, you’d be crazy to keep it that way. After a few years, Gibson and Strachman noticed the billion-dollar-bill lying on the ground, left the Thiel Fellowship, and started a new VC fund, 1517 (named after the year Martin Luther did some institution-challenging of his own). Their business plan was to do roughly the same thing as the Thiel Fellowship - only this time, invest in the companies beforehand (the parting with Thiel seems to have been amicable; he invested $4 million). So Gibson adopted the life of a venture capitalist. He talks frankly about the difficulties. For example, in one case he found someone nobody else believed in, gave them enough money to keep going, and helped them start their company in exchange for them giving Gibson a certain stake. After the company succeeded, Gibson accuses bigger VC firm Sequoia Capital of convincing the founder to kick him out, and stealing his stake. He says that in the world of VCs it’s poison to sue founders for any reason, so nobody can enforce contracts, so if your founders defect to a different VC for more money, there’s nothing you can do (this is not legal advice). Also, “please give me millions of dollars so I can invest it in college dropouts” is a tough sale for everyone except Peter Thiel. Still, he got a bit of money and tried his best. He takes as his - would it be insensitive to say “role model”? - John Walker Lindh, the American who defected to the Taliban (and who he apparently looked like). Probably it depends on the angle or something. Lindh was the only American to find Osama bin Laden in the early 2000s - he went to lots of jihadi training camps in the process of learning how to jihad, and Osama happened to be at one of them. The lesson, Walker says, is that if you want to find people who are hard to find, you need to steep yourself in their culture, truly understand them, become one with them. Good founders are hard to find. But he and Strachman went to dozens of dingy college dorms, math competitions, group houses, and hackathons, looking for people with the right sort of talent. After pooh-poohing IQ (“Marilyn vos Savant is listed as having the highest recorded IQ, and what does she do? She writes a column for a Sunday supplement in the newspaper”) he lists some of his own preferred metrics for judging would-be Thiel fellows and founders: Polytropon - a famously untranslatable Greek word (“of-many-turns”? “always-has-a-trick-up-his-sleeve” “clever bastard”?) used to describe Odysseus. Edge control - willingness to constantly surf the boundary between order and disorder Crawl-walk-run - ability to scale from a tiny startup to a big company. …and several others, including “tensive brilliance” and “Friday night Dyson sphere”. He and Danielle searched the country for people with these qualities, annoying colleges (he was banned from MIT after showing up too often to convince their students to drop out) and doing various stunts (on October 31 2017, the 500th anniversary of Luther’s theses, he nailed a list of anti-formal-education theses to the doors of the admin buildings of top colleges (“Our commercial printer had misunderstood our request and printed them on seven-foot-long scrolls. They were ridiculous . . . but it turned out for the best.”) At one point, he negotiated with a brilliant 21 year old who may have discovered a transformative diabetes therapeutic, but the hidebound conformist novelty-hating establishment refused to work with him just because he liked the Marvel Cinemat - okay, fine, he may have legally changed his name to “Tony Stark”. Still, Gibson saw past his eccentricities, helped him start his company, and gave him sage advice (he should introduce himself to other investors as “Anthony”). Skip through several more chapters of everyone hating Gibson and telling him he was wrong and refusing to give him money and cheating him out of the money he already had, and the payoff is Luminar. One of the dropouts they cultivated founded a beyond-cutting-edge lasers-for-self-driving-cars company which went public at $3 billion. 1517 made $200 million from the deal - it sounds like they had only ever raised about $25 million, so their investors must have octupled their money on that company alone. Everyone involved is now very rich, and Gibson considers his anti-education thesis on the way to being proven. The book ends with a newly-resourced Gibson continuing his quest to figure out whether and why the CIA killed his father, but it’s slow going. If any of you know a guy named Albert van Dam in Amsterdam, or how to convince Swiss banks to reveal secret account information, get in touch with him. II. A common pattern: I assert something. Everyone yells at me and tells me I’m wrong and stupid, sometimes in very colorful language. I wait, time proves me right, and I write an essay gloating educating people about this. The median comment is “of course this is true, nobody ever denied this was true, why are you wasting our time with something obvious?” I hate this and I try to avoid doing it to other people. This is too bad, because I’m tempted to say: obviously talented dropouts can start good companies. We’ve known this at least since Bill Gates dropped out of Harvard in 1975 to start Microsoft. But also, obviously they can. Brilliant and driven people can succeed whether they get a college education or not. If Bill Gates had stayed an extra two years at Harvard, he probably would have taken a few more advanced math classes not really related to programming software or running a company. So why should we even have as a hypothesis that he couldn’t start Microsoft successfully without doing that? Still, Gibson adequately proves that lots of people hated him and were sure he would fail. Either we should read this backwards - learn that there was once a time when pro-college messages were even stronger than now, so strong that people thought it was literally impossible to succeed without every single day of a four-year college application - or the critics were trying to get at something deeper they were bad at expressing. For example: what, exactly, is Gibson’s alternative to the education system? The back-of-book-blurb says Paper Belt On Fire is about “how higher education and other institutions must evolve to meet the dire challenges of tomorrow” - but evolve how? What exactly has been proven here? A few of the very brightest young people, hand-picked by an expert young-person-picker and given $100K, can become billionaires or make great discoveries without a college degree. What are the implications? Suppose you are an average college student with an average level of talent and motivation. Should you drop out and try to create a company for Peter Thiel? Based on how many average-talent people Thiel rejects, even he doesn’t think you should do that. And if you don’t have a good answer to this question - the one relevant to 99.9% of education system inmates - have you really launched a challenge to the educational system? Gibson doesn’t address this question, but I predict he would admit that, fine, he doesn’t have an alternative to the education system in the sense of “educate people this way rather than that way”. He just wants less formal education, and has proven this will work fine. True, he’s only proven it for a tiny subset of ultra-talented people. But “billionaire tech founder” is a hard job - if it wasn’t, more people would do it and reap the $1 billion reward. Proving that people can become billionaire tech founders without college degrees implicitly suggests they can be successful middle managers or budget analysts without college degrees. So the sort of companies that need middle managers and budget analysts should also consider hiring people without degrees, and the sorts of average-level-of-talent-and-motivation people who want these jobs should consider skipping college. Would this work? Probably. It worked in the early 1900s, when only 5-10% of Americans had college degrees but the country seemed about as dynamic and successful as it does now. It worked for people like George Washington, Abraham Lincoln, and Thomas Edison, none of whom went to college. It works in other countries - for example in the UK where young doctors skip undergrad and go straight to medical school, and whose patients get about the same outcomes as in the US. It works for people with impractical degrees like philosophy, who are constantly getting jobs in (and doing well in) fields that don’t require you to compare Locke vs. Leibniz’s perspective on a priori truths. So this would work if everyone agreed to do it at once, which they won’t. The way college gets you is adverse selection. Suppose that tomorrow, you - a smart and hard-working person who could easily get a college degree - decline to do so, because you appreciate Peter Thiel and Michael Gibson’s anti-institutional perspective. The pool of people without college degrees is now, to a first approximation: 200 million people who weren’t smart to get in, rich enough to afford it, or motivated enough to finish.
Inline links: Paper Belt On Fire, John Cowperthwaite, recently abandoned its attempt, reported that, might still get shot down because, https://substackcdn.com/image/fetch/$s_!XcvP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa8b369ca-5089-4e18-857d-1f34a9eee200_585x134.png, 2019, journalists, decided, that, Billionaire’s Failed Education Experiment Proves There’s No Shortcut To Success, https://substackcdn.com/image/fetch/$s_!R2y6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F38012394-be90-413c-b9a2-c291f1b3a118_858x392.png, his company, read this backwards
In Continued Defense Of Effective Altruism
November 28, 2023 · Original source
Open Philanthropy Project originally got one seat on the OpenAI board by supporting them when they were still a nonprofit; that later went to Helen Toner. I’m not sure how Tasha McCauley got her seat. Currently the provisional board is Bret Taylor, Adam D’Angelo, and Larry Summers. Summers says he “believe[s] in effective altruism” but doesn’t seem AI-risk-pilled. Adam D’Angelo has never explicitly identified with EA or the AI risk movement but seems to have sided with the EAs in the recent fight so I’m not sure how to count him.
23
December 05, 2023 · Original source
The crisis ended with the appointment of three mutually agreeable board members (Larry Summers, Bret Taylor, Adam D’Angelo), who are supposed to seed a new full board to be picked later. I can’t find a market for who will be on this new board exactly. This one is for who will be on the board as of 1/1/24. Most forecasters don’t expect the new board to have been picked by then, but the few who do can give us some information about who they expect to be on it.
Or it could have nothing to do with that. Maybe it wasn’t a Machiavellian factional decision at all. Bret Taylor was the head of the Twitter board that negotiated with Musk; people think he did a good job. He might just be “generic person who’s good at boards”. Larry Summers is also a generic person who’s probably good at boards. Adam D’Angelo could credibly claim to be the most moderate (neither explicitly an Altman pawn nor explicitly a safetyist) person on the last board, and if they were going for a board of moderates, he could be there to provide continuity.
Notes From The Progress Studies Conference
October 24, 2024 · Original source
My theory is that it all came from the same wellspring. Silicon Valley gathered all the pro-tech people together in one place, a lot of them became rich, and some of them spent their wealth reflecting on the nature of technological advance. This created a critical mass of people who were all talking to each other and motivated to see things that other people were missing. This isn’t the whole story: non-Silicon-Valley economists like Paul Krugman and Larry Summers helped build the foundational narrative. But it’s the story that makes the most sense for “why now”.