"From an economist’s point of view, this paragraph is very hard to understand. Real GDP and productivity statistics are calculated after adjusting for price cha

"From an economist’s point of view, this paragraph is very hard to understand. Real GDP and productivity statistics are calculated after adjusting for price changes – so they are unaffected by inflation or deflation." Glad to hear that Mr. Summers has had a change of heart on deflation being bad for real GDP. Progress!