An economist is a professional and practitioner in the social science discipline of economics .
123-752: Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States Secretary of the Treasury from 1999 to 2001 and as director of the National Economic Council from 2009 to 2010. He also served as president of Harvard University from 2001 to 2006, where he is the Charles W. Eliot University Professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School . In November 2023, Summers joined
246-560: A Swedish Empire colony. Established as a haven for religious and political tolerance, the colonial-era Province of Pennsylvania was known for its relatively peaceful relations with native tribes, innovative government system , and religious pluralism . Pennsylvania played a vital and historic role in the American Revolution and the ultimately successful quest for independence from the British Empire , hosting
369-1045: A Farmer in Pennsylvania, To the Inhabitants of the British Colonies , which were published in the Pennsylvania Chronicle between December 2, 1767, and February 15, 1768. When the Founding Fathers convened in Philadelphia in 1774, 12 colonies sent representatives to the First Continental Congress . The Second Continental Congress , which began in May 1775, authored and signed the Declaration of Independence in Philadelphia, but when Philadelphia fell to
492-766: A century, the Pennsylvania General Assembly met at various places in the Philadelphia area before it began meeting regularly in Independence Hall in Philadelphia for 63 years. However, events such as the Paxton Boys massacres of 1763 had made the legislature aware of the need for a central capital. In 1799, the General Assembly moved to the Lancaster Courthouse. The Pennsylvania General Assembly met in
615-451: A heavy snowstorm, presumably because of a faulty flue . The General Assembly met at a nearby Methodist Church until a new capitol could be built. Following an architectural selection contest, Chicago architect Henry Ives Cobb was asked to design and build a replacement building. However, the legislature had little money to allocate to the project. When they dubbed the roughly finished, somewhat industrial Cobb Capitol building complete,
738-635: A key economic decision-maker in the Obama administration's response to the Great Recession . Summers was born in New Haven, Connecticut , on November 30, 1954, into a Jewish family . He was the son of two economists, Robert Summers (who changed the family surname from Samuelson) and Anita Summers (of Romanian-Jewish ancestry), who were both professors at the University of Pennsylvania . He
861-457: A leader in technology and healthcare. Similarly, Philadelphia has a concentration of university expertise. Healthcare, retail, transportation, and tourism are some of the state's growing industries of the postindustrial era. As in the rest of the nation, most residential population growth has occurred in suburban rather than central city areas, although both major cities have had significant revitalization in their downtown areas. Philadelphia anchors
984-502: A lot of terrible things that have happened in the last eighteen months, but what's happened at A.I.G. ... the way it was not regulated, the way no one was watching ... is outrageous." In February 2009, Summers quoted John Maynard Keynes , saying "When circumstances change, I change my opinion", reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout. On April 18, 2010, in an interview on ABC's "This Week" program, Clinton said Summers
1107-731: A member of this Faculty for over 45 years, and I am no longer easily shocked," is how Frederick H. Abernathy, the McKay professor of mechanical engineering, began his biting comments about the Shleifer case at Tuesday's fiery Faculty meeting. But, Abernathy continued, "I was deeply shocked and disappointed by the actions of this University" in the Shleifer affair. An 18,000-word article "How Harvard Lost Russia" in Institutional Investor by David McClintick detailed Shleifer's alleged efforts to use his inside knowledge of and sway over
1230-571: A milder censure of the president passed 253 to 137, also with 18 abstentions. The members of the Harvard Corporation , the University's highest governing body, are in charge of the selection of the president and issued statements strongly supporting Summers. FAS faculty were not unanimous in their comments against Summers. Psychologist Steven Pinker defended the legitimacy of Summers's January lecture. When asked if Summers's talk
1353-479: A salary increase. The resignation letter to the president said, "I could not and cannot support a raise in your salary, ... I believe that Harvard's best interests require your resignation." Harvard and Andrei Shleifer , a close friend and protégé of Summers, controversially paid $ 28.5 million to settle a lawsuit by the U.S. government over the conflict of interest Shleifer had while advising Russia's privatization program . The US government had sued Shleifer under
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#17327935459401476-427: A variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics . Some graduates go on to undertake postgraduate studies , either in economics, research, teacher training or further qualifications in specialist areas. Unlike most nations,
1599-463: A very high return from investments in educating girls in developing nations. According to The Economist, Summers was "often at the centre of heated debates" about economic policy, to an extent exceptional for the history of the World Bank in recent decades. In December 1991, while at the World Bank, Summers signed a memo that was leaked to the press. Lant Pritchett has claimed authorship of
1722-524: Is a formalized role. Professionals here are employed (or engaged as consultants ) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques. In contrast to regulated professions such as engineering, law or medicine, there
1845-653: Is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses. On March 15, 2005, members of the Harvard Faculty of Arts and Sciences , which instructs graduate students in Harvard Graduate School of Arts and Sciences and undergraduates in Harvard College , passed 218–185 a motion of "lack of confidence" in the leadership of Summers, with 18 abstentions. A second motion that offered
1968-526: Is also the nephew of two Nobel laureates in economics : Paul Samuelson (brother of Robert Summers) and Kenneth Arrow (brother of Anita Arrow Summers). He spent most of his childhood in Penn Valley , Pennsylvania , a suburb of Philadelphia , where he attended Harriton High School . At age 16, he entered Massachusetts Institute of Technology (MIT), where he originally intended to study physics but soon switched to economics , graduating in 1975. He
2091-706: Is an accepted version of this page Pennsylvania ( / ˌ p ɛ n s ɪ l ˈ v eɪ n i ə / PEN -sil- VAY -nee-ə , lit. ' Penn's forest country ' ), officially the Commonwealth of Pennsylvania ( Pennsylvania Dutch : Pennsilfaani ), is a U.S. state spanning the Mid-Atlantic , Northeastern , Appalachian , and Great Lakes regions of the United States . It borders Delaware to its southeast, Maryland to its south, West Virginia to its southwest, Ohio and
2214-496: Is centered in and around Pittsburgh , the state's second-largest city. The state's subsequent five most populous cities are Allentown , Reading , Erie , Scranton , and Bethlehem . Pennsylvania's history of human habitation extends thousands of years before the foundation of the colonial Province of Pennsylvania in 1681. Archaeologists believe the first settlement of the Americas occurred at least 15,000 years ago, during
2337-849: Is in Duncannon in Perry County . According to the U.S. Department of Housing and Urban Development 's 2022 Annual Homeless Assessment Report , there were an estimated 12,691 homeless people in Pennsylvania. Among Pennsylvania residents, as of 2020, nearly three out of four, 74.5%, are native to the state and were born in Pennsylvania, 18.4% were born in a different U.S. state, 1.5% were born in Puerto Rico , U.S. Island areas, or born abroad to American parent(s), and 5.6% were foreign born. Foreign-born Pennsylvanians are largely from Asia (36.0%), Europe (35.9%), and Latin America (30.6%) with
2460-557: Is not a legally required educational requirement or license for economists. In academia, most economists have a Ph.D. degree in Economics . In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. In fact, a professional working inside of one of many fields of economics or having an academic degree in this subject
2583-401: Is often considered to be an economist; see Bachelor of Economics and Master of Economics . Economics graduates are employed in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and
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#17327935459402706-721: Is that the largest phenomenon, by far, is the general clash between people's legitimate family desires and employers' current desire for high power and high intensity, that in the special case of science and engineering, there are issues of intrinsic aptitude, and particularly of the variability of aptitude, and that those considerations are reinforced by what are in fact lesser factors involving socialization and continuing discrimination. I would like nothing better than to be proved wrong, because I would like nothing better than for these problems to be addressable simply by everybody understanding what they are, and working very hard to address them. Summers then went on to discuss approaches to remedying
2829-464: Is the fifth-most populated state in the U.S. after California , Texas , Florida , and New York . In 2019, net migration to other states resulted in a decrease of 27,718, and immigration from other countries resulted in an increase of 127,007. Net migration to Pennsylvania was 98,289. Migration of native Pennsylvanians resulted in a decrease of 100,000 people. 7.2% of the population was foreign-born as of 2021. Pennsylvania's center of population
2952-865: The British in the Philadelphia campaign , the Continental Congress moved west, where it met at the Lancaster courthouse on Saturday, September 27, 1777, and then to York . In York, the Second Continental Congress adopted the Articles of Confederation , largely authored by Pennsylvania delegate John Dickinson, that formed 13 independent States into a new union. Later, the Constitution was written, and Philadelphia
3075-524: The Clovis culture . By 1000 CE, in contrast to their nomadic hunter-gatherer ancestors , the native population of Pennsylvania had developed agricultural techniques and a mixed food economy. By the time European colonization of the Americas began, at least two major Native American tribes inhabited Pennsylvania. The first, the Lenape , spoke an Algonquian language and inhabited the eastern region of
3198-538: The Cold War . Pennsylvania's geography is highly diverse. The Appalachian Mountains run through the center of the state; the Allegheny and Pocono mountains span much of Northeastern Pennsylvania ; close to 60% of the state is forested . While it has no ocean shoreline, it has 140 miles (225 km) of waterfront along Lake Erie and the tidal Delaware River. Pennsylvania is the fifth-most populous state in
3321-569: The Commodity Futures Trading Commission (CFTC) issued a Concept Release soliciting input from regulators, academics, and practitioners to determine "how best to maintain adequate regulatory safeguards without impairing the ability of the OTC ( over-the-counter ) derivatives market to grow and the ability of U.S. entities to remain competitive in the global financial marketplace." On July 30, 1998, then-Deputy Secretary of
3444-545: The Delaware River to the east, 80°31' W to the west, and the 42° N to the north, except for a short segment on the western end where a triangle extends north to Lake Erie . The state has five geographical regions: Allegheny Plateau , Ridge and Valley , Atlantic Coastal Plain , Piedmont , and Erie Plain . Pennsylvania's diverse topography produces a variety of climates, though the entire state experiences cold winters and humid summers. Straddling two major zones,
3567-627: The False Claims Act , as he bought Russian stocks while designing the country's privatization . In 2004, a federal judge ruled that while Harvard had violated the contract, Shleifer and his associate alone were liable for treble damages . In June 2005, Harvard and Shleifer announced that they had reached a tentative settlement with the US government. In August, Harvard, Shleifer, and the Department of Justice reached an agreement under which
3690-596: The First and Second Continental Congress in Philadelphia , which formed the Continental Army and appointed George Washington as its commander in 1775, and unanimously adopted the Declaration of Independence the following year. On December 12, 1787, Pennsylvania was the second state to ratify the U.S. Constitution . In July 1863, the Battle of Gettysburg , fought over three days in and around Gettysburg ,
3813-534: The Harvard Institute for International Development and American-advised privatization of the economies of the post-Soviet states , and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act . Following the end of Clinton's term, Summers served as the 27th president of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in
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3936-799: The John Bates Clark Medal in 1993 from the American Economic Association. In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation . Summers is also a member of the National Academy of Sciences . Some of his popular courses today, as Charles W. Eliot University Professor at Harvard University, include American Economic Policy and The Political Economy of Globalization. Summers
4059-669: The Kyoto Protocol , according to internal documents made public in 2009. As Treasury Secretary, Summers led the Clinton Administration's opposition to tax cuts proposed by the Republican Congress in 1999. During the California energy crisis of 2000 , then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on
4182-666: The Last Glacial Period , though it is unclear when humans first inhabited present-day Pennsylvania. Between 10,000 and 16,000 years ago, Native Americans crossed the two continents, arriving in North America . Meadowcroft Rockshelter in Jefferson Township includes the earliest known signs of human activity in Pennsylvania and perhaps all of North America, including the remains of a civilization that existed over 10,000 years ago and possibly pre-dated
4305-491: The National Bureau of Economic Research , Summers sparked controversy with his discussion of why women may have been underrepresented "in tenured positions in science and engineering at top universities and research institutions". The conference was designed to be off-the-record so that participants could speak candidly without fear of public misunderstanding or disclosure later. Summers had prefaced his talk, saying he
4428-493: The New Sweden Colony in the region of Fort Christina on the site of present-day Wilmington, Delaware . New Sweden claimed and, for the most part, controlled the lower Delaware River region, including parts of present-day Delaware, New Jersey, and Pennsylvania, but settled few colonists there. On March 12, 1664, King Charles II of England gave James, Duke of York a grant that incorporated all lands included in
4551-896: The Northeast megalopolis and is associated with the Northeastern United States . Pittsburgh is part of the Great Lakes megalopolis and is often associated with the Rust Belt . During the September 11, 2001, terrorist attacks on the United States , the small town of Shanksville, Pennsylvania , received worldwide attention after United Airlines Flight 93 crashed into a field in Stonycreek Township , located 1.75 miles (2.82 km) north of
4674-524: The Ohio River to its west, Lake Erie and New York to its north, the Delaware River and New Jersey to its east, and the Canadian province of Ontario to its northwest via Lake Erie . Pennsylvania was founded in 1681 through a royal land grant to William Penn , the son of the state's namesake . Prior to that, between 1638 and 1655, a southeast portion of the state was part of New Sweden ,
4797-517: The Secretary of War under President Abraham Lincoln . Control of the machine was subsequently passed on to Cameron's son J. Donald Cameron , whose ineffectiveness resulted in a transfer of power to the more shrewd Matthew Quay and finally to Boies Penrose . The post-Civil War era, known as the Gilded Age , saw the continued rise of industry in Pennsylvania. Pennsylvania was home to some of
4920-791: The Spanish–American War . Pennsylvania was an important industrial center in World War I , and the state provided over 300,000 soldiers for the military. On May 31, 1918, the Pittsburgh Agreement was signed in Pittsburgh to declare the formation of the independent state of Czechoslovakia with future Czechoslovak president Tomáš Masaryk . In 1922, 310,000 Pennsylvania miners joined the UMW General coal strike , which lasted 163 days and shut down most coal mines within
5043-884: The UK are the more than 3500 members of the Government Economic Service . Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom (ranging from Newcastle University to the London School of Economics ), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. Some current well-known economists include: [REDACTED] The dictionary definition of economist at Wiktionary Pennsylvania This
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5166-672: The United States . Pennsylvania has 51 miles (82 km) of coastline along Lake Erie and 57 miles (92 km) of shoreline along the Delaware Estuary . Of the original Thirteen Colonies , Pennsylvania is the only state that does not border the Atlantic Ocean . The boundaries of the state are the Mason–Dixon line (39°43' N) to the south, Twelve-Mile Circle on the Pennsylvania- Delaware border,
5289-445: The University of Pennsylvania in Philadelphia . The university, one of nine colonial colleges , was the first college established in Pennsylvania and one of the first in the nation. Today, it is an Ivy League university, which is routinely ranked among the world's best universities. Dickinson College in Carlisle , founded by Benjamin Rush and named after John Dickinson, was the first college founded after Revolutionary War and
5412-431: The county commission and freedom of religion , which were subsequently replicated in many of the Thirteen Colonies . What had been Upland on the Pennsylvania side of the Pennsylvania-Delaware border was renamed Chester County when Pennsylvania instituted its colonial governments on March 4, 1681. Penn signed a peace treaty with Tamanend , leader of the Lenape, which began a long period of friendly relations between
5535-447: The seventh-largest metropolitan area in the country and one of the largest metropolitan areas in the world, and Pittsburgh is the center of the nation's 27th-largest metropolitan areas. As of 2020, the Lehigh Valley in eastern Pennsylvania is the nation's 69th-largest metropolitan area. Pennsylvania also has six additional metropolitan areas that rank among the nation's 200-most populous metropolitan areas. Philadelphia forms part of
5658-514: The 15th U.S. president and was the first president to be born in Pennsylvania. The Battle of Gettysburg , the major turning point of the American Civil War , took place near Gettysburg in July 1863. An estimated 350,000 Pennsylvanians served in the Union Army forces, including 8,600 African American military volunteers . The politics of Pennsylvania were for decades dominated by the financially conservative Republican -aligned Cameron machine , established by U.S. Senator Simon Cameron , later
5781-417: The 1933 Glass–Steagall Act ): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said. "This historic legislation will better enable American companies to compete in the new economy." Many critics, including President Barack Obama , have suggested the 2007 subprime mortgage financial crisis
5904-417: The 45th President of the United States Donald Trump occurred. Pennsylvania is 170 miles (274 km) north to south and 283 miles (455 km) east to west. Of a total 46,055 square miles (119,282 km ), 44,817 square miles (116,075 km ) are land, 490 square miles (1,269 km ) are inland waters, and 749 square miles (1,940 km ) are waters in Lake Erie . It is the 33rd-largest state in
6027-428: The 48 states. The Philadelphia Naval Shipyard served as an important naval base, and Pennsylvania produced important military leaders, including George C. Marshall , Hap Arnold , Jacob Devers , and Carl Spaatz . During the war, over a million Pennsylvanians served in the armed forces, and more Medals of Honor were awarded to Pennsylvanians than to individuals from any other state. The Three Mile Island accident
6150-427: The General Assembly refused to occupy the building. In 1901, political and popular indignation prompted a second contest that was restricted to Pennsylvania architects; Joseph Miller Huston of Philadelphia was chosen to design the present Pennsylvania State Capitol that incorporated Cobb's building into a magnificent public work, finished and dedicated in 1907. James Buchanan , a Franklin County native, served as
6273-417: The Hurons abandoned much of their western territory and moved closer to the Susquehanna River, and the Iroquois and Mohawk tribes moved further north. Northwest of the Allegheny River was the Iroquoian Petun , who were fragmented into three groups during the Beaver Wars: the Petun of New York, the Wyandot of Ohio, and the Tiontatecaga of the Kanawha River in southern West Virginia. South of the Allegheny River
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#17327935459406396-409: The Netherlands confirmed the English conquest on July 21, 1667, although there were temporary reversions. On September 12, 1672, during the Third Anglo-Dutch War , the Dutch reconquered New York Colony / New Amsterdam , establishing three County Courts, which went on to become original Counties in present-day Delaware and Pennsylvania. The one that later transferred to Pennsylvania was Upland. This
6519-563: The Quakers and the Indians. Additional treaties between Quakers and other tribes followed. The Treaty of Shackamaxon of William Penn was never violated. Between 1730 and when the Pennsylvania Colony was shut down by Parliament with the Currency Act in 1764, the Pennsylvania Colony made its own paper money to account for the shortage of actual gold and silver. The paper money was called Colonial Scrip . The Colony issued bills of credit, which were as good as gold or silver coins because of their legal tender status. Since they were issued by
6642-453: The Russian economy in order to make lucrative personal investments, all while leading a Harvard group, advising the Russian government, that was under contract with the U.S. The article suggests that Summers shielded his fellow economist from disciplinary action by the university, and it noted that Summers had forewarned Shleifer and his wife Nancy Zimmerman about the conflict-of-interest regulations back in 1996. Summers's friendship with Shleifer
6765-416: The Treasury . Much of Summers's tenure at the Treasury Department was focused on international economic issues. He was deeply involved in the Clinton administration's effort to bail out Mexico and Russia when those nations had currency crises. Summers set up a project through which the Harvard Institute for International Development provided advice to the Russian government between 1992 and 1997. Later there
6888-479: The Treasury Summers testified before the U.S. Congress that "the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies." At the time Summers stated that "to date there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear
7011-444: The United States , with over 13 million residents as of the 2020 United States census . The state is the 33rd-largest by area and has the ninth-highest population density among all states. The largest metropolitan statistical area is the southeastern Delaware Valley , which includes and surrounds Philadelphia, the state's largest and nation's sixth-most populous city. The second-largest metropolitan area, Greater Pittsburgh ,
7134-417: The World Bank's Vice President of Development Economics and Chief Economist. As such, Summers played a "key role" in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs. The World Bank's official site also reports that Summer's research included an "influential" report that demonstrated
7257-445: The accusations. "The hip-hop scared him. It's a stereotypical reaction", he said later. West, who later called Summers both "uninformed" and "an unprincipled power player" in describing this encounter in his book Democracy Matters (2004), subsequently returned to Princeton University , where he had taught prior to Harvard University . In January 2005, at a Conference on Diversifying the Science & Engineering Workforce sponsored by
7380-429: The board of directors of artificial general intelligence company OpenAI . Summers became a professor of economics at Harvard University in 1983. He left Harvard in 1991, working as the Chief Economist of the World Bank from 1991 to 1993. In 1993, Summers was appointed Under Secretary for International Affairs of the United States Department of the Treasury under President Bill Clinton 's administration. In 1995, he
7503-447: The broad philosophical theories to the focused study of minutiae within specific markets , macroeconomic analysis, microeconomic analysis or financial statement analysis , involving analytical methods and tools such as econometrics , statistics , economics computational models , financial economics , regulatory impact analysis and mathematical economics . Economists work in many fields including academia, government and in
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#17327935459407626-412: The burden of demonstrating that need." In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks, saying "With this bill, the American financial system takes a major step forward towards the 21st Century." When George Stephanopoulos asked Summers about the financial crisis in an ABC interview on March 15, 2009, Summers replied that "there are
7749-418: The capacity to grasp broad issues which the graduates acquire at the university or college . Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or management . A number of economics graduates from around the world have been successful in obtaining employment in
7872-441: The causes of the crisis, explaining that the problem was excessive government regulation. Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets. Summers hailed the Gramm–Leach–Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking , insurance, and investment services (by repealing key provisions in
7995-429: The city's population as of 2000. In the 20th century, as Pennsylvania's historical national and even global leadership in mining largely ceased and its steelmaking and other heavy manufacturing sectors slowed, the state sought to grow its service and other industries to replace the jobs and economic productivity lost from the downturn of these industries. Pittsburgh's concentration of universities has enabled it to be
8118-399: The college faculty. One poll by The Harvard Crimson indicated that students opposed his resignation by a three-to-one margin, with 57% of responding students opposing his resignation and 19% supporting it. In July 2005, a board member of Harvard Corporation, Conrad K. Harper , resigned saying he was angered both by the university president's comments about women and by Summers being given
8241-420: The development of labor unions helped them gain living wages. However, the rise of unions also led to a rise of union busting with several private police forces springing up. Pennsylvania was the location of the first documented organized strike in North America, and Pennsylvania was the location of two hugely prominent strikes, the Great Railroad Strike of 1877 and the Coal Strike of 1902 . The eight-hour day
8364-436: The economist profession in Brazil is regulated by law; specifically, Law № 1,411, of August 13, 1951. The professional designation of an economist, according to said law, is exclusive to those who graduated with a Bachelor of Economics degree in Brazil. According to the United States Department of Labor , there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $ 83,000, and
8487-500: The fields of math and science to proactively analyze the issues and talk about what was going wrong". In 2016, remarking upon political correctness in institutions of higher education, Summers said: There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there
8610-417: The fifth and currently the sixth-largest city after decades of being among the top three. After 1990, as information-based industries became more important in the economy, state and local governments put more resources into the old, well-established public library system. Some localities, however, used new state funding to cut local taxes. New ethnic groups, especially Hispanics and Latinos , began entering
8733-463: The first. At the time, Pennsylvania was the most ethnically and religiously diverse of the thirteen colonies. Because a third of Pennsylvania's population spoke German , the Constitution was presented in German so those citizens could participate in the discussion about it. Reverend Frederick Muhlenberg , a Lutheran minister and the first Speaker of the U.S. House of Representatives , acted as chairman of Pennsylvania's ratifying convention. For half
8856-571: The government and not a banking institution, they were interest-free, largely defraying the expense of the government and therefore taxation of the people. It also promoted general employment and prosperity, since the government used discretion and did not issue excessive amounts that inflated the currency. Benjamin Franklin had a hand in creating this currency, whose utility, he said, was never to be disputed. The currency also met with "cautious approval" by Adam Smith . In 1740, Franklin also founded
8979-650: The high end" , in addition to patterns of discrimination and socialization. After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co. Summers rejoined public service during the Obama administration , serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as
9102-436: The job of Treasury Secretary in Obama's administration . Summers's protégée Sheryl Sandberg has defended him, saying that "Larry has been a true advocate for women throughout his career" at the World Bank and Treasury. Referring to the lunch talk, Sandberg said, "What few seem to note is that it is remarkable that he was giving the speech in the first place – that he cared enough about women's careers and their trajectory in
9225-484: The land be called New Wales, but there were objections to that name, so he recommended Sylvania (from the Latin silva : "forest, woods"). The King named it Pennsylvania (literally "Penn's Woods") in honor of Admiral Penn. The younger Penn was embarrassed at this name, fearing that people would think he had named it after himself, but King Charles would not rename the grant. Penn established a government with two innovations,
9348-630: The largest chocolate manufacturer in North America. Heinz Company was also founded during this period. These huge companies exercised a large influence on the politics of Pennsylvania; as Henry Demarest Lloyd put it, oil baron John D. Rockefeller "had done everything with the Pennsylvania legislature except refine it". Pennsylvania created a Department of Highways and engaged in a vast program of road-building, while railroads continued to see heavy usage. The growth of industry eventually provided middle class incomes to working-class households after
9471-600: The largest steel companies in the world. Andrew Carnegie founded the Carnegie Steel Company in Pittsburgh and Charles M. Schwab founded Bethlehem Steel in Bethlehem . Other titans of industry, including John D. Rockefeller and Jay Gould , also operated in Pennsylvania. In the latter half of the 19th century, the U.S. oil industry was born in Western Pennsylvania , which supplied
9594-421: The lower and upper tails of the test score distributions, caused the most controversy. In his discussion of this hypothesis, Summers said that "even small differences in the standard deviation [between genders] will translate into very large differences in the available pool substantially out [from the mean]". Summers referenced research that implied differences between the standard deviations of males and females in
9717-417: The majority of the state, except for the southeastern corner, has a humid continental climate ( Köppen climate classification Dfb ). The southern portion of the state has a humid subtropical climate. The largest city, Philadelphia , has a humid subtropical climate (Köppen Cfa ). Summers are generally hot and humid. Moving toward the mountainous interior of the state, the winter climate becomes colder,
9840-461: The midst of a recession, policies criticized by Paul Krugman and Joseph Stiglitz . According to the book The Chastening , by Paul Blustein, during this crisis, Summers, along with Paul Wolfowitz , pushed for regime change in Indonesia. Summers was a leading voice within the Clinton Administration arguing against American leadership in greenhouse gas reductions and against US participation in
9963-612: The north to West Virginia in the southwest, including the Susquehanna, Allegheny , and Monongahela rivers near present-day Pittsburgh . European disease and constant warfare with several neighboring tribes and groups of Europeans weakened these two tribes, and they were grossly outpaced financially as the Hurons and Iroquois blocked them from proceeding west into Ohio during the Beaver Wars . As they lost numbers and land,
10086-509: The north-central region with York , Carlisle , and the state capital Harrisburg on the Susquehanna River in the east-central region of the state. Altoona and Johnstown are in the state's west-central region. The state's three-most populated cities, in order of size, are Philadelphia, Pittsburgh, and Allentown. As of the 2020 U.S. census , Pennsylvania had a population of 13,011,844, up from 12,702,379 in 2010. Pennsylvania
10209-627: The number of cloudy days increases, and snowfall amounts are greater. Western areas of the state, particularly locations near Lake Erie , can receive over 100 inches (250 cm) of snowfall annually, and the entire state receives plentiful precipitation throughout the year. The state may be subject to severe weather from spring through summer into autumn. Tornadoes occur annually in the state, sometimes in large numbers, such as 30 recorded tornadoes in 2011; generally speaking, these tornadoes do not cause significant damage. Cities in Pennsylvania include Philadelphia , Reading , Lebanon , and Lancaster in
10332-654: The old Dauphin County Court House until December 1821 when the Federal -style Hills Capitol, named for Lancaster architect Stephen Hills , was constructed on a hilltop land grant of four acres set aside for a seat of state government in Harrisburg by the son and namesake of John Harris, Sr. , a Yorkshire native who founded a trading post and ferry on the east shore of the Susquehanna River in 1705. The Hills Capitol burned down on February 2, 1897, during
10455-566: The original Virginia Company of Plymouth Grant and other lands. This grant was in conflict with the Dutch claim for New Netherland , which included parts of today's Pennsylvania. On June 24, 1664, the Duke of York sold the portion of his large grant that included present-day New Jersey to John Berkeley and George Carteret for a proprietary colony. The land was not yet in British possession, but
10578-467: The private memo, which both he and Summers say was intended as sarcasm. The memo stated that "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that. ... I've always thought that under-populated countries in Africa are vastly underpolluted." According to Pritchett, the memo, as leaked, was doctored to remove context and intended irony, and
10701-665: The private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming [and] they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin." In addition to government and academia, economists are also employed in banking , finance , accountancy , commerce , marketing , business administration , lobbying and non- or not-for profit organizations. In many organizations, an " Economic Analyst "
10824-429: The remainder from Africa (5%), North America (3.1%), and Oceania (0.4%). The state's largest ancestry groups, expressed as a percentage of total people who responded with a particular ancestry for the 2010 census, were German 28.5%, Irish 18.2%, Italian 12.8%, African Americans 9.6%, English 8.5%, Polish 7.2%, and French 4.2%. As of 2018, the top countries of origin for Pennsylvania's immigrants were India ,
10947-671: The sale boxed in the portion of New Netherland on the West side of the Delaware River. The British conquest of New Netherland began on August 29, 1664, when New Amsterdam was coerced to surrender while facing cannons on British ships in New York Harbor . The conquest was completed in October 1664, when the British captured Fort Casimir in what today is New Castle, Delaware . The Treaty of Breda between England, France, and
11070-426: The shortage of women in high-end science and engineering positions. This lunch-time talk drew accusations of sexism and careless scholarship, and an intense negative response followed, both nationally and at Harvard. Summers apologized repeatedly. Nevertheless, the controversy is speculated to have contributed to his resigning his position as president of Harvard University the following year, as well as costing Summers
11193-466: The southeast, Pittsburgh in the southwest, and the tri-cities of Allentown , Bethlehem , and Easton in the central east, known as the Lehigh Valley . The northeast includes the former anthracite coal mining cities of Scranton , Wilkes-Barre , Pittston , Nanticoke , and Hazleton . Erie is located in the northwest. State College is located in the central region. Williamsport is in
11316-581: The state to fill low-skill jobs in agriculture and service industries. For example, in Chester County , Mexican immigrants brought the Spanish language , increased Catholicism , high birth rates, and cuisine when they were hired as agricultural laborers; in some rural localities, they made up half or more of the population. Stateside Puerto Ricans built a large community in the state's third-largest city, Allentown , where they comprise over 40% of
11439-511: The state, then known as Lenapehoking . It included most of present-day New Jersey and the Lehigh Valley and Delaware Valley regions in eastern and southeastern Pennsylvania. The Lenape's territory ended somewhere between the Delaware River in the east and the Susquehanna River in central Pennsylvania. The second tribe, the Susquehannock , spoke an Iroquoian language and were based in Western Pennsylvania from New York state in
11562-827: The state. In 1923, President Calvin Coolidge established the Allegheny National Forest under the authority of the Weeks Act of 1911. The forest is located in the northwest part of the state in Elk , Forest , McKean , and Warren Counties for the purposes of timber production and watershed protection in the Allegheny River basin. The Allegheny is the state's only national forest. Pennsylvania manufactured 6.6 percent of total U.S. military armaments produced during World War II , ranking sixth among
11685-601: The state." The ensuing hostilities became known as Pontiac's War . After the Stamp Act Congress of 1765, delegate John Dickinson of Philadelphia wrote the Declaration of Rights and Grievances . The Congress was the first meeting of the Thirteen Colonies , which convened at the request of the Massachusetts assembly; nine of the 13 colonies sent delegates. Dickinson then wrote Letters from
11808-480: The time or since his resignation. In an October 2001 meeting, Summers criticized African American Studies department head Cornel West for allegedly missing three weeks of classes to work on the Bill Bradley presidential campaign and complained that West was contributing to grade inflation . Summers also claimed that West's "rap" album was an "embarrassment" to the university. West pushed back strongly against
11931-480: The top 5% of twelfth graders under various tests. He then went on to argue that, if this research were to be accepted, then "whatever the set of attributes ... that are precisely defined to correlate with being an aeronautical engineer at MIT or being a chemist at Berkeley ... are probably different in their standard deviations as well". Summers then concluded his discussion of the three hypotheses by saying: So my best guess, to provoke you, of what's behind all of this
12054-665: The top ten percent earning more than $ 147,040 annually. Nearly 135 colleges and universities grant around 900 new Ph.D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013, PayScale.com showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $ 61,000 to $ 160,000; Ph.D. corporate economists, $ 71,000 to $ 207,000; economics full professors, $ 89,000 to $ 137,000; economics associate professors, $ 59,000 to $ 156,000, and economics assistant professors, $ 72,000 to $ 100,000. The largest single professional grouping of economists in
12177-549: The town. All 40 civilians and 4 Al-Qaeda hijackers on board were killed. The hijackers had intended to crash the plane into either the United States Capitol or The White House . After learning from family members via air phone of the earlier attacks on the World Trade Center , however, Flight 93's passengers revolted against the hijackers and fought for control of the plane, causing it to crash. It
12300-533: The unification of the states. Established in 1773, it was ratified on September 9, 1783, five days after the Treaty of Paris . James Smith wrote that in 1763, "the Indians again commenced hostilities, and were busily engaged in killing and scalping the frontier inhabitants in various parts of Pennsylvania. This state was then a Quaker government, and at the first of this war the frontiers received no assistance from
12423-518: The university paid $ 26.5 million to settle the five-year-old lawsuit. Shleifer was also responsible for paying $ 2 million worth of damages. Because Harvard paid almost all of the damages and allowed Shleifer to retain his faculty position, the settlement provoked allegations of favoritism by Summers. His continued support for Shleifer strengthened Summers's unpopularity with other professors, as reported in The Harvard Crimson : I've been
12546-576: The vast majority of kerosene for years thereafter. As the Pennsylvania oil rush developed, Pennsylvania's oil boom towns, such as Titusville , rose and later fell. Coal mining, primarily in the state's Coal Region in the northeast region of the state, also was a major industry for much of the 19th and 20th centuries. In 1903, Milton S. Hershey began construction on a chocolate factory in Hershey, Pennsylvania ; The Hershey Company grew to become
12669-425: The wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West , financial conflict of interest questions regarding his relationship with Andrei Shleifer , and a 2005 speech in which he offered three reasons for the under-representation of women in science and engineering, including the possibility that there exists a "different availability of aptitude at
12792-439: Was United States Deputy Secretary of the Treasury and at least three times while Harvard president. A charity funded by Epstein also donated to the production of a PBS show hosted by Summers's wife and Harvard professor Elisa New . Economist The individual may also study, develop, and apply theories and concepts from economics and write about economic policy . Within this field there are many sub-fields, ranging from
12915-554: Was "a deliberate fraud and forgery to discredit Larry and the World Bank." In 1993, Summers was appointed Undersecretary for International Affairs and later in the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin . In 1999, he succeeded Rubin as Secretary of
13038-425: Was "within the pale of legitimate academic discourse," Pinker responded "Good grief, shouldn't everything be within the pale of legitimate academic discourse, as long as it is presented with some degree of rigor? That's the difference between a university and a madrassa . There is certainly enough evidence for the hypothesis to be taken seriously." Summers had stronger support among Harvard College students than among
13161-763: Was a nation known as Calicua, which may have been part of the Monongahela culture . In the 17th century, the Dutch and the English each claimed both sides of the Delaware River as part of their colonial lands in America. The Dutch were the first to take possession. By June 3, 1631, the Dutch began settling the Delmarva Peninsula by establishing the Zwaanendael Colony on the site of present-day Lewes, Delaware . In 1638, Sweden established
13284-586: Was a scandal when it emerged that some of the Harvard project members had invested in Russia and were therefore not impartial advisors. Summers encouraged then-Russian leader Boris Yeltsin to use the same "three-'ations'" of policy he advocated in the Clinton Administration – "privatization, stabilization, and liberalization." Summers pressured the Korean government to raise its interest rates and balance its budget in
13407-456: Was adopting an "entirely positive , rather than normative approach" and that his remarks were intended to be an "attempt at provocation". Summers then began by identifying three hypotheses for the higher proportion of men in high-end science and engineering positions: The second hypothesis, the generally greater variability among men (compared to women) in tests of cognitive abilities, leading to proportionally more males than females at both
13530-755: Was also an active member of the MIT debating team and qualified for participation in the annual National Debate Tournament three times. He attended Harvard University as a graduate student, receiving his Ph.D. in 1982. In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. He was a visiting academic at the London School of Economics in 1987. As a researcher, Summers has made important contributions in many areas of economics, primarily public finance , labor economics , financial economics , and macroeconomics . Summers has also worked in international economics, economic demography, economic history and development economics . He received
13653-470: Was caused by the partial repeal of the 1933 Glass–Steagall Act. Indeed, as a member of President Clinton's Working Group on Financial Markets , Summers, along with U.S. Securities and Exchange Commission (SEC) Chairman Arthur Levitt , Fed Chairman Greenspan, and Secretary Rubin, torpedoed an effort to regulate the derivatives that many blame for bringing the financial market down in Fall 2008. On May 7, 1998,
13776-550: Was eventually adopted, and the coal and iron police were banned. At the beginning of the 20th century, Pennsylvania's economy centered on steel production, logging , coal mining , textile production, and other forms of industrial manufacturing . A surge in immigration to the U.S. during the late 19th and early 20th centuries provided a steady flow of cheap labor for these industries, which often employed children and people who could not speak English from Southern and Eastern Europe . Thousands of Pennsylvanians volunteered during
13899-544: Was given an office at Harvard for his personal use. Epstein otherwise had no formal connection to Harvard. Summers's ties to Epstein reportedly began "a number of years...before Summers became Harvard's president and even before he was the Secretary of the Treasury." Flight records introduced as evidence in the 2021 trial of Epstein associate Ghislaine Maxwell show that Summers flew on Jeffrey Epstein's private plane on at least four occasions, including once in 1998 when Summers
14022-625: Was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. He also served as an economic adviser to the Dukakis Presidential campaign in 1988. Summers left Harvard in 1991 and served as Vice President of Development Economics and Chief Economist for the World Bank until 1993. According to the World Bank's Data & Research office (March 2017), Summers returned to Washington, D.C. in 1991 as
14145-543: Was once again chosen to be cradle to the new nation. The Constitution was drafted and signed at the Pennsylvania State House in Philadelphia, now known as Independence Hall , the same building where the Declaration of Independence was previously adopted and signed in 1776. On December 12, 1787, Pennsylvania was the second state to ratify the U.S. Constitution , five days after Delaware became
14268-556: Was partially reversed on February 9, 1674, when the Treaty of Westminster ended the Third Anglo-Dutch War and reverted all political situations to the status quo ante bellum . The British retained the Dutch Counties with their Dutch names. By June 11, 1674, New York reasserted control over the outlying colonies, including Upland, and the names started to be changed to British names by November 11, 1674. Upland
14391-439: Was partitioned on November 12, 1674, producing the general outline of the current border between Pennsylvania and Delaware. On February 28, 1681, Charles II granted a land charter to Quaker leader William Penn to repay a debt of £16,000 (around £2,100,000 in 2008, adjusting for retail inflation) owed to William's father. The transaction represents one of the largest land grants to an individual in history. Penn proposed that
14514-621: Was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin . In 1999, he succeeded Rubin as Secretary of the Treasury . While working for the Clinton administration, Summers played a leading role in the American response to the 1994 economic crisis in Mexico , the 1997 Asian financial crisis , and the Russian financial crisis . He was also influential in
14637-681: Was the bloodiest and most decisive battle of the American Civil War , claiming over 50,000 Union and Confederate fatalities and repelling Robert E. Lee 's invasion of the North, leading to the Union's preservation . Throughout the late 19th and 20th centuries, the state's manufacturing-based economy contributed to the development of much of the nation's early infrastructure, including key bridges, skyscrapers , and military hardware used in U.S.-led victories in World War I , World War II , and
14760-441: Was the most significant nuclear accident in U.S. commercial nuclear power plant history. The state was hard-hit by the decline and restructuring of the steel industry and other heavy industries during the late 20th century. With job losses came heavy population losses, especially in the state's largest cities. Pittsburgh lost its place among the top ten most populous cities in the United States by 1950, and Philadelphia dropped to
14883-657: Was the only one of the four aircraft hijacked that day that never reached its intended target and the heroism of the passengers has been commemorated. Since 2003, the Tekko anime convention has been held annually in Pittsburgh. In October 2018, the Tree of Life – Or L'Simcha Congregation , a conservative Jewish synagogue, experienced the Pittsburgh synagogue shooting , which resulted in 11 fatalities. On July 13, 2024, near Butler, Pennsylvania , an assassination attempt on
15006-560: Was well known by the corporation when it selected him to succeed Rudenstine and Summers recused himself from all proceedings with Shleifer, whose case was actually handled by an independent committee led by former Harvard president Derek Bok . An article in The Harvard Crimson in 2003, during Summers's tenure as president, detailed a reportedly "special connection" between Summers and Jeffrey Epstein . Epstein pledged to donate at least $ 25 million to Harvard during Summers's tenure to endow Harvard's Program for Evolutionary Dynamics, and Epstein
15129-506: Was wrong in the advice he gave him not to regulate derivatives. In 2001, when George W. Bush became President , Summers left the Treasury Department and returned to Harvard as its 27th president, serving from July 2001 until June 2006. He was Harvard's first Jewish president, though his predecessor Neil Rudenstine's father was Jewish. A number of Summers's decisions at Harvard have attracted public controversy, either at
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