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Michael Spence

Michael Spence

Writing for PS since 2008
165 commentaries

Website

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 the author of The Next Convergence: The Future of Economic Growth in a Multispeed World (Macmillan Publishers, 2012).

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  1. AI and the Productivity Imperative
    spence163_MalorneyGetty Images_chatbot Malorney/Getty Images

    AI and the Productivity Imperative

    Aug 9, 2023 Michael Spence sees vast potential for broad-based economic growth in novel applications of large language models.

  2. The Governance Threat to Prosperity
    spence162_Indranil AdityaNurPhoto via Getty Images_reliance jio Indranil Aditya/NurPhoto via Getty Images

    The Governance Threat to Prosperity

    Jun 28, 2023 Michael Spence highlights the importance of consensus and continuity in fostering inclusive economic growth.

  3. In Defense of Industrial Policy
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    In Defense of Industrial Policy

    May 5, 2023 Michael Spence justifies government intervention to alter market outcomes – and explains the right way to go about it.

  4. Destructive Decoupling
    spence160_wenjin chenGetty Images_USChinawar wenjin chen/Getty Images

    Destructive Decoupling

    Mar 30, 2023 Michael Spence tallies the costs of the global economic fragmentation that the US-China rivalry has set in motion.

  5. Countering Structural Disruptions
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    Countering Structural Disruptions

    Feb 22, 2023 Michael Spence assesses policymakers' options for mitigating the adverse distributional consequences of trade and technology.

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  1. rajan84_Alex WongGetty Images_mmt Alex Wong/Getty Images
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    The Populist Advantage

    Raghuram G. Rajan explains why so many previously discredited economic policies have become easier to sell to the public.
  2. fofack19_BRICS HandoutAnadolu Agency via Getty Images_BRICS BRICS Handout/Anadolu Agency via Getty Images
    1

    The BRICS Come of Age

    Hippolyte Fofack looks beyond the group’s next summit and sees an enlarged membership that could accelerate de-dollarization.
  3. sonin6_Mikhail SvetlovGetty Images_aven fridman Mikhail Svetlov/Getty Images
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    Sympathy for the Oligarch

    Konstantin Sonin laments the sanctioning of two pioneers of Russia’s market economy, Petr Aven and Mikhail Fridman.
  4. bq - trump indictment Photo by OLIVIER DOULIERY/AFP via Getty Images
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    Will Donald Trump’s Indictments Have Economic Consequences?

    Reactions to Donald Trump’s criminal indictments have tended to focus on the implications for US democracy, and for good reason. But with George Soros warning that the cases against Trump could trigger a constitutional crisis, we asked PS commentators to assess the possible economic repercussions.

  5. op_yhuang1_DALE DE LA REYAFP via Getty Images_hongkongstockexchange Dale de la Rey/AFP via Getty Images
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    How to Kill Chinese Dynamism

    Yasheng Huang

    Having fundamentally misunderstood its own economic "miracle," China will soon feel the effect of no longer being able to outsource the rule of law and the other basic ingredients of innovation-driven growth. Where Hong Kong once performed these core functions, now the territory – and Chinese entrepreneurship – is increasingly constrained.

     thinks many have underestimated the key role that Hong Kong previously played in the country's growth story.
  6. rogoff240_ CFOTOFuture Publishing via Getty Images_country garden CFOTO/Future Publishing via Getty Images
    1

    The Debt Supercycle Comes to China

    Kenneth Rogoff argues that the theory seems to offer the best explanation for the Chinese economy’s current slowdown.
  7. brown98_Yui Mok - WPA PoolGetty Images_uk immigration Yui Mok - WPA PoolGetty Images
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    British Conservatives’ Contempt for Human Rights

    Gordon Brown condemns the party’s attacks on – and clamor for withdrawal from – the European Convention on Human Rights.
  8. elerian159_ Kevin DietschGetty Images_fed Kevin Dietsch/Getty Images
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    Simplifying a Complicated Global Economy

    Mohamed A. El-Erian thinks much will depend ultimately on the US Federal Reserve’s performance over the next six months.
  9. galbraith27_ HECTOR RETAMALAFP via Getty Images_china economy HECTOR RETAMAL/AFP via Getty Images
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    America’s “New” China Narrative

    James K. Galbraith thinks the current US conventional wisdom misses the point and is being driven by ulterior motives.

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