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Michael Spence

Michael Spence

Writing for PS since 2008
166 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. Action on Planet and People Depends on Growth
    spence165_Frédéric SoltanCorbis via Getty Images_indiaeducation Frédéric Soltan/Corbis via Getty Images

    Action on Planet and People Depends on Growth

    Sep 13, 2023 Michael Spence, et al. tally the costs of advancing the twin imperatives of boosting living standards and achieving sustainability.

  2. 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.

  3. 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.

  4. In Defense of Industrial Policy
    spence161_SAUL LOEBAFP via Getty Images_semiconductor industrial policy SAUL LOEB/AFP via Getty Images

    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.

  5. 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.

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  1. mazzucato57_Bill PuglianoGetty Images_uaw Bill Pugliano/Getty Images
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    Auto Strikes and Climate Change

    Mariana Mazzucato & Damon Silvers explain why the transition to a net-zero economy cannot happen without worker empowerment.
  2. haass159_ED JONESAFP via Getty Images_un general assembly ED JONES/AFP via Getty Images
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    The New World Disorder

    Richard Haass highlights the growing threat to international stability and calls for effective cooperation.
  3. fraga4_ JUAN MABROMATAAFP via Getty Images_money JUAN MABROMATA/AFP via Getty Images
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    Latin America’s Growth Conundrum

    Arminio Fraga, et al.

    Since 1960, only a few countries in Latin America have narrowed the gap between their per capita income and that of the United States, while most of the region has lagged far behind. Making up for lost ground will require a coordinated effort, involving both technocratic tinkering and bold political leadership.

     explain what it will take finally to achieve economic convergence with advanced economies.
  4. davies87_Justin SullivanGetty Images_svb Justin Sullivan/Getty Images
    1

    We Need to Talk About Bank Supervision

    Howard Davies thinks the renewed debate over commercial bank capital requirements largely misses the point.
  5. skidelsky191_Hollie AdamsGetty Images_rorystewart Hollie Adams/Getty Images
    2

    The New Anatomy of Britain

    Robert Skidelsky laments the decline of UK institutions and the increasingly limited scope for meaningful action.
  6. ilango1_Getty Images_esg Getty Images
    1

    Financing Our Survival

    Vera Songwe

    Between now and the end of this decade, climate-related investments need to increase by orders of magnitude to keep the world on track toward achieving even more ambitious targets by mid-century. Fortunately, if done right, such investments could usher in an entirely new and better economy.

     explains what it will take to mobilize capital for the net-zero transition worldwide.
  7. ito31_EVELYN HOCKSTEINPOOLAFP via Getty Images_modibidenlulag20 Evelyn Hockstein/Pool/AFP via Getty Images
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    Whither the G20?

    Takatoshi Ito sees the grouping as increasingly divided between friends of the G7 and friends of China and Russia.
  8. kitaw1_Per-Anders PetterssonGetty Images_africamining Per-Anders Pettersson/Getty Images
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    Making the Most of Africa’s Strategic Green Minerals

    Marit Kitaw explains how the continent can move beyond resource extraction to build green industry.
  9. frankel128_ plus49Construction PhotographyAvalonGetty Images_emissions plus49Construction PhotographyAvalonGetty Images
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    America Must Join Europe’s Climate Club

    Gary Yohe & Roger Kuhns urge US policymakers to create a carbon-pricing policy in line with the bloc’s emissions-reduction plan.

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