Summers to Resign From Harvard Post

Ropes Professor of Political Economy Lawrence H. Summers, who is currently serving as undersecretary of the treasury for international affairs, will resign his Harvard post this summer, he said Wednesday night.

Summers "hopes at some point to return to academic life at Harvard," he said in a telephone interview, but according to University rules, he must resign his professorship if he wishes to complete his term in Washington D.C.

Summers, who worked at the World Bank last year, is on his second of two years of leave, and further time off would violate Harvard's strict two-year limit.

Summers said he is enjoying his new post but misses teaching and research opportunities.

It was a difficult decision to take the government job, he said, but "I felt the position I was offered was a very rare opportunity for an economist to really use his economic ideas to have real impact."

Colleagues in the Economics Department said Summers will be greatly missed and expressed the hope that he will return.

"Larry is a superstar economist, a great teacher and a valued colleague," said Professor of Economics N. Gregory Mankiw.

Professor of Economics Eric S. Maskin said he expects the loss to be temporary, however.

"Obviously it's a disappointment in the short term because we would like him here," Maskin said, "but the hope is that in another couple years he will return."

Summers, a specialist in public sector economics, has researched the relationship between long-term growth and investment.