I was led by a post on Greg Mankiw's blog to read an op-ed by Larry Summers on ft.com. The quote below is interesting:
Concern about politics and the processes of international co-operation is warranted but the best one can hope for from politics in any country is that it will drive rational responses to serious problems. If there is no consensus on the causes or solutions to serious problems, it is unreasonable to ask a political system to implement forceful actions in a sustained way.In a large population, it is reasonable to expect consensus in broad terms, for example, on property rights. However, can we expect consensus on the causes of and solutions to specific problems? Perhaps Mr. Summers' opinion gives politicians an unmerited free pass. They put themselves forward to be elected as leaders based on their implicit and explicit promises to "drive rational responses to serious problems". In my opinion, a consequent expectation for them to do exactly that, to fulfill their promises, is reasonable.
