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Michael Spence

Michael Spence

Writing for PS since 2008
172 commentaries

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 a co-author (with Mohamed A. El-Erian, Gordon Brown, and Reid Lidow) of Permacrisis: A Plan to Fix a Fractured World (Simon & Schuster, 2023).

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  1. The Indian Giant Has Arrived
    op_elerian1_ Debarchan ChatterjeeNurPhoto via Getty Images_indiapopulation Debarchan Chatterjee/NurPhoto via Getty Images

    The Indian Giant Has Arrived

    Mar 22, 2024 Mohamed A. El-Erian & Michael Spence consider the risks and challenges associated with the country's rapidly expanding global footprint.

  2. Making Sense of Society
    spence170_Biplov BhuyanHindustan Times via Getty Images_wsupreme court india Biplov Bhuyan/Hindustan Times via Getty Images

    Making Sense of Society

    Feb 29, 2024 Michael Spence considers why a healthy civil society is crucial to good governance and inclusive prosperity.

  3. The Next Phase of Our Inflation Journey
    spence169_SAUL LOEBAFP via Getty Images_powell Saul Loeb/AFP via Getty Images

    The Next Phase of Our Inflation Journey

    Feb 2, 2024 Michael Spence sees flaws in projections that the US Federal Reserve will continue to cut interest rates beyond 2024.

  4. COP28 Can Deliver Progress on Climate Change, but Will It?
    spence168_JEWEL SAMADAFP via Getty Images_cop28 JEWEL SAMAD/AFP via Getty Images

    COP28 Can Deliver Progress on Climate Change, but Will It?

    Dec 5, 2023 Michael Spence highlights areas where the UN summit in Dubai can bring important progress.

  5. Michael Spence on industrial policy, AI, growth models, and more
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    Michael Spence on industrial policy, AI, growth models, and more

    Oct 24, 2023 Michael Spence describes the global economy’s new supply conditions, urges governments to tap the potential of artificial intelligence to boost productivity, explains why the relationship between monetary and fiscal policy must change, and more.

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  1. kuttab59_AFP via Getty Images_hamas war AFP via Getty Images
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    The Middle East Needs a Ceasefire Now

    Daoud Kuttab explains why the latest escalation could lead to a truce instead of an all-out military showdown.
  2. moreiradasilva2_JOHN WESSELSAFP via Getty Images_internally displaced mozambique JOHN WESSELS/AFP via Getty Images
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    Overcoming the Development-Project Implementation Gap

    Jorge Moreira da Silva highlights ways to strengthen the International Development Association’s already-powerful impact.
  3. diwan27_ LUIS TATOAFP via Getty Images_kenya green energy LUIS TATO/AFP via Getty Images
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    Developing Countries’ Liquidity Crisis Is Not Over

    Ishac Diwan & Vera Songwe urge global policymakers to prevent mass insolvency and finance urgent climate projects.
  4. rodrik221_SAUL LOEBAFP via Getty Images_bidenintel Saul Loeb/AFP via Getty Images
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    America’s Manufacturing Renaissance Will Create Few Good Jobs

    Dani Rodrik

    Many countries’ recent experiences show that boosting manufacturing employment is like chasing a fast-receding target. Automation and skill-biased technology have made it extremely unlikely that manufacturing can be the labor-absorbing activity it once was, which means that the future of “good jobs” must be created in services.

     shows why policies to boost employment in the twenty-first century ultimately must focus on services.
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    Minxin Pei on China’s economy, surveillance state, repression of dissent, and more

    Minxin Pei doubts China’s government is willing to do what is needed to restore growth, describes the low-tech approaches taken by the country’s vast security apparatus, considers the Chinese social-credit system’s repressive potential, and more.
  6. alton1_ Mark KerrisonIn Pictures via Getty Images_end genocide protest Mark Kerrison/In Pictures via Getty Images
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    Who Should Decide If It’s Genocide?

    David Alton, et al. urge British policymakers to take a proactive approach to addressing mass-atrocity crimes.
  7. jlevy3_MANDEL NGANAFP via Getty Images_imfworldbankmeetings Mandel Ngan/AFP via Getty Images
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    The Bretton Woods Institutions We Need

    Joaquim Levy, et al. explain how the International Monetary Fund and the World Bank can rise to current global challenges.
  8. gill6_NIPAH DENNISAFP via Getty Images_poverty NIPAH DENNIS/AFP via Getty Images
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    The World Cannot Afford to Ignore the Poorest Countries

    Indermit Gill & M. Ayhan Kose warn that a growing gap between the world’s haves and have-nots will undercut global goals.
  9. summers14_TONY KARUMBAAFP via Getty Images_sudanfamine Tony Karumba/AFP via Getty Images
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    The World Is Still on Fire

    Lawrence H. Summers & N.K. Singh

    For the last several years, world leaders have made big promises and laid out bold plans to mitigate the climate crisis and help the neediest countries adapt. At this year's World Bank/IMF Spring Meetings, they must demonstrate that they can fulfill these promises, rather than simply touting new ones.

     think policymakers need to get four things right to shore up the credibility of the international system.

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