Trendpills
The American Economic Association (AEA) has formally issued a lifetime ban against Larry Summers, the former U.S. Treasury Secretary and one of the nation’s most prominent economists, effectively exiling him from the scholarly community he once led. The decision, announced by the organization’s executive committee, cites significant violations of the group's professional code of conduct related to Summers’ enduring relationship with the late disgraced financier Jeffrey Epstein.
This unprecedented disciplinary action follows a review of recently publicized correspondence between the two men. According to reports detailing the decision, the AEA determined that Summers politico.com imposed a lifetime ban to uphold the integrity of the profession. Summers, who previously received the John Bates Clark Medal—one of the most prestigious awards in economics—is now prohibited from attending AEA meetings, presenting papers, or holding any leadership roles within the organization.
The controversy intensified in late 2025 after apnews.com newly released emails revealed that Summers maintained a friendly and personal rapport with Epstein well after the financier’s 2008 conviction for soliciting prostitution from a minor. The correspondence included Summers seeking advice on handling media inquiries and personal banter, contradicting earlier perceptions that their relationship was purely professional or charitable in nature.
The swift backlash had already triggered a series of resignations prior to the AEA's ruling. In November, Summers stepped down from the board of OpenAI and voluntarily cnn.com took a leave of absence from his longtime professorship at Harvard University. At the time, he expressed "great regrets" regarding his judgment, acknowledging the pain caused by his association with Epstein. However, the AEA’s decision marks a definitive institutional rebuke, stripping Summers of his standing within the academic body that serves as the primary professional home for economists in the United States.
