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Michael Spence

Michael Spence

Writing for PS since 2008
173 commentaries

Michael Spence, a Nobel laureate in economics, is Professor of Economics Emeritus and a former dean of the Graduate School of Business at Stanford University. He is Senior Fellow at the Hoover Institution, Senior Adviser to General Atlantic, and Chairman of the firm’s Global Growth Institute. He is Chair of the Advisory Board of the Asia Global Institute and serves on the Academic Committee at Luohan Academy. He is a former chair of the Commission on Growth and Development and a co-author (with Mohamed A. El-Erian, Gordon Brown, and Reid Lidow) of Permacrisis: A Plan to Fix a Fractured World (Simon & Schuster, 2023).

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  1. Crunch Time for the Power Sector
    spence173_ Joe RaedleGetty Images_power Joe Raedle/Getty Images

    Crunch Time for the Power Sector

    May 17, 2024 Michael Spence argues that developing flexible, stable, and resilient smart grids requires an expanded industrial policy.

  2. The Indian Giant Has Arrived
    op_elerian1_ Debarchan ChatterjeeNurPhoto via Getty Images_indiapopulation Debarchan Chatterjee/NurPhoto via Getty Images

    The Indian Giant Has Arrived

    Mar 22, 2024 Mohamed A. El-Erian & Michael Spence consider the risks and challenges associated with the country's rapidly expanding global footprint.

  3. Making Sense of Society
    spence170_Biplov BhuyanHindustan Times via Getty Images_wsupreme court india Biplov Bhuyan/Hindustan Times via Getty Images

    Making Sense of Society

    Feb 29, 2024 Michael Spence considers why a healthy civil society is crucial to good governance and inclusive prosperity.

  4. The Next Phase of Our Inflation Journey
    spence169_SAUL LOEBAFP via Getty Images_powell Saul Loeb/AFP via Getty Images

    The Next Phase of Our Inflation Journey

    Feb 2, 2024 Michael Spence sees flaws in projections that the US Federal Reserve will continue to cut interest rates beyond 2024.

  5. COP28 Can Deliver Progress on Climate Change, but Will It?
    spence168_JEWEL SAMADAFP via Getty Images_cop28 JEWEL SAMAD/AFP via Getty Images

    COP28 Can Deliver Progress on Climate Change, but Will It?

    Dec 5, 2023 Michael Spence highlights areas where the UN summit in Dubai can bring important progress.

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  1. obstfeld4_Jabin BotsfordThe Washington Post via Getty Images_trumplighthizer Jabin Botsford/The Washington Post via Getty Images
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    The Dangers of a US Capital Inflow Tax

    Maurice Obstfeld worries that a little-known, highly costly method of deficit reduction is gaining political traction.
  2. beaufils1_ Alain DENANTESGamma-Rapho via Getty Images_solar panels Alain DENANTES/Gamma-Rapho via Getty Images
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    Europe’s Green Transition Requires More Skilled Workers

    Julie Beaufils urges policymakers to boost the attractiveness of technical vocations by expanding access to apprenticeships.
  3. volz8_iStock Getty Images Plus_global finance iStock / Getty Images Plus
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    A Monetary and Economic Order Fit for the Twenty-First Century

    Ulrich Volz, et al. identify eight priorities to build a more resilient, inclusive, and sustainable global financial architecture.
  4. ghazouani1_YANICK FOLLYAFP via Getty Images_africachildren Yanick Folly/AFP via Getty Images
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    Putting Africa on the Path to Prosperity

    Mohamed Ould Ghazouani & Ajay Banga urge the G7 to focus on the continent’s future, and on five priorities in particular, at this week’s summit.
  5. op_benami1_LOUAI BESHARAAFP via Getty Images_syriaconflict Louai Beshara/AFP via Getty Images
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    Anatomy of a Massacre

    Shlomo Ben-Ami

    The 1860 massacre of Christians in Damascus holds useful lessons about what it takes to arrest – and recover from – inter-communal violence. But there is a difference between a pogrom and a genocide, and conflating the two can do more harm than good.

     considers what the 1860 massacre of Christians in Damascus can and cannot teach us about preventing genocide.
  6. GettyImages-2156649816 Photo by Nikolas Kokovlis/NurPhoto via Getty Images
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    AI: Hope or Hype?

    Whether generative artificial intelligence will do more harm or good to our families, economies, and societies remains an open question. In devising strategies for harnessing the technology, optimism is undoubtedly warranted, but it should not come at the expense of realism.

  7. ehrenreich1_Francis DeanCorbis via Getty Images_denmark eu Francis Dean/Corbis via Getty Images
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    How Denmark Keeps the Far Right at Bay

    Michael Ehrenreich explains how mainstream parties have neutralized the threat of right-wing populists.
  8. slobodian1_ Drew AngererGetty Images_peterthieltrump Drew Angerer/Getty Images
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    How Techno-Libertarians Fell in Love with Big Government

    Quinn Slobodian argues Silicon Valley investors are against the state only insofar as it is not enriching them personally.
  9. gros187_CostfotoNurPhoto via Getty Images_china semiconductor Costfoto/NurPhoto via Getty Images
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    How Chinese Savings Can Support the Global Green Transition

    Daniel Gros urges the EU to welcome cheap low-carbon goods, such as electric vehicles, from China.

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