I don't agree with this. Fast ships have their place, but in general (by design) they are less powerful both offensively and defensively than slower ships. In player hands, with the wolfpack skill and actually using wolfpack tactics they can be very effective (there are plenty of nice screencaps/videos of super frigate fleets smashing big fleets), but the AI doesn't do harassment, feints/lure withdrawals, and extreme force concentration to nearly the same extant. In terms of cracking hard targets (stations/fortresses or capitals/radiants) fast ships are decidedly subpar compared to larger ships with better missile firepower and defenses.
In terms of weapons to fight them: any long range kinetic is a counter, as are burst beam weapons, and the two combined is evil. HVDs or ballistic rangefinder railguns, MkIXs/HACs/Needlers with full recoil reduction (mandatory) do well. Mjolnirs have the accuracy and raw DPS to qualify even though its not kinetic. Small ships simply cannot stand up to concentrated damage, and most big capitals can simply swat fast ships from beyond the ship's range. Also Locusts, which while they don't deal much shield damage will absolutely kill small ships that have taken any sort of fire. [Edit] Oh and I forgot: HMGs in turrets, especially with elite PD, is a pretty hard counter to small shield frigates too. They have to be in range to fire and each gun is 320 kinetic dps.
That doesn't help with chasing fast ships: that requires something to catch them. There... not really any way around that? If the enemy is faster than you they can't win, but they can certainly drag things out. Luckily interceptors are a thing and its not hard to put carriers into a control group and right click them dead one by one. If the enemy fast ships stay with the main battle line they are protected from interceptors, but are going to get popped by bigger ship because they are giving up their ability to run entirely (I'll often pop fast frigates hanging around a cap before the cap just out of convenience). If they run from the battle line, they get fightered. Or the player can just use a few (like 3) superiority frigates: it takes a little bit of micro to keep them out of the heavy fighting and it may be worth it to hold back their deploy for a few minutes, but some nice SO chasers to deal with stragglers cleans things up fast.