Harvard has one of the most reputable Economics departments in the nation and the world, so Dick Armey's comment about Harvard (and Larry Summers) is just plain ludicrous. Greg Mankiw:
Okay, this has got to be one of the goofiest comments from a major political figure in recent weeks:"I don’t consider Larry Summers a serious economist," [Dick] Armey said. “You can get a Ph.D. from Harvard without ever having seriously considered the subject.” (Source).If Dick Armey wants to criticize Larry Summers or the economic policy of the Obama administration, there is no shortage of ammunition and easy targets. But saying that Larry is not a serious economist, or that a PhD from one of world's preeminent economics departments doesn't mean much, makes Mr Armey look more than a tad ridiculous.