Michael Spence, a Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, and Academic Board Chairman of the Fung Global Institute in Hong Kong. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth.

Learning About Growth from Austerity
Michael Heller: Michael: This is an excellent, timely, and balanced article in my view. Only one thing was not made explicit - the private sector will need government help in order to respond to the deleveraging cycl…
Learning About Growth from Austerity
Matt Stillerman: Pardon me, but this is precisely what they have NOT shown. Once the flaws in the R&R paper are fixed, what remains is a modest negative correlation between public debt and GDP growth. The paper does …