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Michael Spence

Michael Spence

Writing for PS since 2008
158 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 Advisor to General Atlantic, and Chairman of the firm’s Global Growth Institute. He serves on the Academic Committee at Luohan Academy, and 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 (Macmillan Publishers, 2012).

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  1. Done With Deglobalization?
    spence156_SAUL LOEBAFP via Getty Images_bidenxi Saul Loeb/AFP via Getty Images

    Done With Deglobalization?

    Nov 25, 2022 Michael Spence sees reason to hope that the scales may soon tip back from international confrontation to cooperation.

  2. Secular Inflation
    spence155_Sean GallupGetty Images_higher prices inflation Sean Gallup/Getty Images

    Secular Inflation

    Oct 12, 2022 Michael Spence identifies a wide range of long-term price pressures that cannot be eased through traditional channels.

  3. Whither the ESG Revolution?
    spence154_Hiroshi WatanabeGetty Images_ESG Hiroshi Watanabe/Getty Images

    Whither the ESG Revolution?

    Sep 8, 2022 Michael Spence sees serious flaws in companies' approaches to advancing environmental, social, and governance goals.

  4. Make America Invest Again
    spence153_Alex WongGetty Images_bidenbill Alex Wong/Getty Images

    Make America Invest Again

    Aug 11, 2022 Michael Spence hopes that legislation like the CHIPS and Science Act signals a much-needed shift in US policymaking.

  5. The Supply-Side Fight Against Inflation
    spence152_Yu Fangping CostfotoFuture Publishing via Getty Images_supply inflation Yu Fangping / Costfoto/Future Publishing via Getty Images

    The Supply-Side Fight Against Inflation

    Jul 1, 2022 Michael Spence explains how economies can rein in accelerating price growth without tipping into recession.

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  1. sierakowski91_Omar MarquesGetty Images_ukrainian refugees Omar Marques/Getty Images
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    Resentment on the Western Front

    Sławomir Sierakowski thinks the Polish public needs a more open and honest conversation about refugees before resentment spirals.
  2. vives17_ Leon NealGetty Images_ftx Leon Neal/Getty Images
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    Crypto’s Well-Worn Path to Crisis

    Xavier Vives writes that, despite the novelty of the assets, the narrative of FTX’s collapse was established long ago.
  3. roubini171_Spencer PlattGetty Images_recession looming Spencer Platt/Getty Images
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    The Unavoidable Crash

    Nouriel Roubini anticipates a stagflationary debt crisis, owing to a dangerous combination of inflation and over-borrowing.
  4. nye236_SAUL LOEBAFP via Getty Images_biden xi SAUL LOEB/AFP via Getty Images
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    War Over Taiwan?

    Joseph S. Nye, Jr. considers whether a deterrence arrangement that has worked for 50 years is still sufficient.
  5. op_livingston1_Anna MoneymakerGetty Images_fed Anna Moneymaker/Getty Images
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    The Contested Fed

    James Livingston

    By all accounts, central banks – particularly the Fed, because the dollar is still the world’s dominant currency – already act as investment authorities. But their recent bailouts have exacerbated economic inequality, and have done little or nothing to address climate change.

     reviews three books that, each in its own way, reveal a central truth about the world’s leading central bank.
  6. pisaniferry140_Sean GallupGetty Images_cop27 Sean GallupGetty Images
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    The Economics of Mainstreaming Climate Action

    Jean Pisani-Ferry & Selma Mahfouz identify the risks and short-term costs associated with the energy transition over the next decade.
  7. haldar15_ Tayfun CoskunAnadolu Agency via Getty Images_twitter Tayfun Coskun/Anadolu Agency via Getty Images
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    Killing Twitter

    Antara Haldar explains what Elon Musk fundamentally misunderstands about the platform – and about free speech.
  8. emmott41_musk
    2

    The Napoleons of Big Tech

    Bill Emmott

    Recent events in the technology sector suggest that investors and lenders should be demanding a premium to cover the risk that a star entrepreneur will become an egomaniacal dictator. With each business cycle, it seems, old lessons must be relearned.

     sees in the industry’s harsh reckoning this year lessons that apparently can’t be learned often enough.
  9. BP - ftx NurPhoto / Contributor via Getty Images
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    The Crypto Emperor’s New Clothes

    The collapse of several crypto platforms this year – including the spectacular crash of the second-largest cryptocurrency exchange, FTX – has raised fundamental questions about the credibility of a digital innovation once hailed as the key to democratizing finance. Has crypto finally been exposed as a scam, or will a new, stronger crypto industry emerge from the current turmoil?

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