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Michael Spence

Michael Spence

Writing for PS since 2008
144 commentaries

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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, serves on the Academic Committee at Luohan Academy, and co-chairs the Advisory Board of the Asia Global Institute. He was chairman of the independent Commission on Growth and Development, an international body that from 2006-10 analyzed opportunities for global economic growth, and is the author of The Next Convergence: The Future of Economic Growth in a Multispeed World.  

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  3. sachs346_Gunter FischerEducation ImagesUniversal Images Group via Getty Images_AU office Gunter FischerEducation ImagesUniversal Images Group via Getty Images

    The Case for a G21

    Jeffrey D. Sachs

    As a powerful complement to the United Nations, the G20 has acquitted itself well by representing most of the world’s population and economic output with a limited membership. By expanding to include the African Union, it would overcome its biggest limitation without any loss of agility.

     calls for the African Union to be added to the G20 to address the group’s biggest limitation.
    0
  4. rajan71_ Win McNameeGetty Images_quantitative easing Win McNameeGetty Images

    The Dangers of Endless Quantitative Easing

    Raghuram G. Rajan

    With growth so uncertain, it is understandable that central banks would be wary of beginning to taper monthly bond purchases before it is clear that inflation has taken off. But they would do well to recognize that prolonging quantitative easing implies significant risks, too.

     worries about the effects of accommodative monetary policies on governments’ exposure to interest-rate risk.
    2

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