Lawrence H. Summers is known as a renowned economist and the youngest President of Harvard University. Option 1 accurately describes his background and achievements. Summers is widely recognized for his contributions to the field of economics and his leadership role at Harvard. He served as the President of Harvard University from 2001 to 2006 and made significant contributions to the institution during his tenure. As an economist, Summers has held prestigious positions in both academia and government. He served as the Chief Economist of the World Bank, the United States Secretary of the Treasury, and the Director of the National Economic Council under two different U.S. presidents. Summers` expertise in economics and his leadership abilities have earned him a reputation as one of the most influential figures in the field. Thus, option 1 is the correct answer as it accurately represents Lawrence H. Summers` well-known role as an economist and former President of Harvard University.