And The Best Young Economist Is... Lawrence Summers

Economist Lawrence H. Summers may have missed out on the nation's most high-profile economic job--environmentalists scotched his candidacy to chair President Clinton's Council of Economic Advisers--but his professional peers have softened the blow. Next month, the American Economics Assn. will announce that Summers has won the John Bates Clark Medal, awarded biannually to the best economist under age 40.

The prize recognizes the breadth of the former Harvard University professor's work on tax policy and labor and financial markets. Summers, 38, is now making policy as Treasury Dept. Undersecretary for International Affairs after a stint as chief economist of the World Bank, where he stirred controversy by signing a memo asserting that it might make economic sense for industrial nations to pay "underpolluted" developing nations to accept toxic waste.

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