【HBR】Larry Summers:Smart Businesses Are Going to Maintain Flexibility

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https://hbr.org/podcast/2025/07/larry-summers-smart-businesses-are-going-to-maintain-flexibility

Lawrence H. Summers, former U.S. Treasury Secretary and President Emeritus of Harvard University, has seen the ups and downs of the American economy throughout the decades. As leaders today contend with fears of economic downturn, the growth of artificial intelligence, tariffs, inflation and more, he shares what he thinks we should—and shouldn’t—be worried about. He also discusses how he believes businesses can create stability through macroeconomic uncertainty, and how coming technological and economic forces will shift the labor market, policy agendas, and more.

  • Key U.S. Government Officials Nominated by the President:

    • President (The head of the state and government; elected, not nominated.)
    • Vice President (Second-highest executive officer; elected with the President, not nominated.)
    • Secretary of State (Head of the Department of State; responsible for foreign affairs.)
    • (前former) Secretary of the Treasury 财政部长 (Head of the Department of the Treasury; responsible for financial and economic policy.)
    • Secretary of Defense (Head of the Department of Defense; responsible for military affairs.)
    • Attorney General 检察总长 (Head of the Department of Justice; chief law enforcement officer.)
    • Supreme Court Justices (Nominated by the President and confirmed by the Senate.)
    • Chairman of the Federal Reserve 联储主席 (Nominated by the President; must be confirmed by the Senate.)

  • Emeritus /ɪˈmerɪtəs/

    • Professor Emeritus ： He is a Professor Emeritus of Physics at Harvard University. （荣誉退休教授，名誉教授）
    • President Emeritus ： She was named President Emeritus after her retirement.

  • decades

    • People have lived in this village for decades.
    • The old building has been empty for decades.
    • years : She has been studying English for many years.
    • generations : The tradition has been passed down for generations. （这一传统已经传承了好几代。）
    • The 1990s was a great decade for technology. （20世纪90年代是科技的伟大十年。）
    • The couple has faced many challenges over the decades.
    • The couple has dealt with a lot of difficulties over the decades.

  • contend with

    • The team had to contend with many injuries during the season.
    • She has to contend with heavy traffic every morning.
    • deal with : We have to deal with a lot of problems at work. （我们工作中要处理很多问题。）
    • cope with : He finds it hard to cope with stress. （他发现很难应对压力。）
    • face : They faced many difficulties together. （他们一起面对了许多困难。）
    • The couple has contended with many difficulties over the decades.

  • tariffs

    • The government increased the tariffs on imported cars.
    • Many countries have tariffs to protect their local industries.
    • The new tariff will make foreign products more expensive.
    • duty : There is a high import duty on luxury goods.
    • tax : The government imposed a new tax on electronics. （政府对电子产品征收了新税。）

  • inflation

    • The country is experiencing high inflation this year.（今年这个国家正经历高通胀。）
    • Inflation makes everyday goods more expensive.
    • The government is taking steps to control inflation.
    • price increase : There has been a sharp price increase in food.
    • rising prices : Rising prices are a sign of inflation.
    • cost of living increase : The cost of living increase is hurting many families.
    • inflate : Prices have inflated rapidly this year.
    • inflationary : The government is worried about inflationary pressures.
    • deflation : The opposite of inflation is deflation.（通货膨胀的反义词是通货紧缩。）
    • The inflation rate reached 5% last month.
    • hyperinflation（恶性通货膨胀，极度通胀）

  • macroeconomic

    • The government announced new macroeconomic policies to boost growth.
    • Inflation is one of the key macroeconomic indicators. （通货膨胀是主要的宏观经济指标之一。）
    • Economists study macroeconomic trends to predict recessions.（经济学家研究宏观经济趋势来预测经济衰退。）
    • “micro-” 表示“微观的”，小尺度的；“macro-” 表示“宏观的”，大尺度的。
    • Gravity is an important topic in macroscopic physics.（引力是宏观物理中的一个重要主题。）
    • Scientists study microscopic physics to understand how atoms behave.（科学家们研究微观物理以了解原子的行为。）

  • uncertainty

    • Economic uncertainty makes people spend less money.（经济的不确定性让人们减少支出。）
    • I am certain that she will come.
    • She is certain to win.（她一定会赢。）be certain (to do sth.) = 一定、必定
    • I am sure he is right.
    • I don’t know for certain.（我不确定。）for certain = 肯定，确切地
    • You are right to a certain extent.（在某种程度上你是对的。）
    • Certain people like spicy food.（有些人喜欢吃辣的东西。= some）to a certain extent = 在某种程度上
    • certainly : She will certainly help us.（她肯定会帮助我们。）
    • certainty : There is no certainty in life.（人生没有什么是确定的。）

  • precious & treasure

    • This is a precious gift from my grandmother.（这是我奶奶送的珍贵礼物。）
    • “My precious! My precious!”（这是咕噜对魔戒的昵称。）
    • Pirates were looking for treasure.
    • I treasure the memories we made together.（我珍惜我们一起创造的回忆。）
    • precious treasure（珍贵的宝藏）