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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?
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    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
    Spence_Say-More_Blue-Planet-Studio-via-GettyRF

    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. castaneda88_GERARDO MENOSCALAFP via Getty Images_latin america safety GERARDO MENOSCAL/AFP via Getty Images

    From Welfare State to Safe State in Latin America

    Jorge G. Castañeda & Carlos Ominami urge the region’s progressives to start treating security as an essential component of social protection.
  2. ocampo57_Celal GunesAnadolu Agency via Getty Images_imf Celal Gunes/Anadolu Agency via Getty Images

    The Urgency of Sovereign-Debt Restructuring

    José Antonio Ocampo highlights the need for a comprehensive mechanism to deliver relief to low- and middle-income countries.
  3. fischer215_Mostafa AlkharoufAnadolu via Getty Images_tel aviv iran attack Mostafa Alkharouf/Anadolu via Getty Images

    The Gaza War Goes Global

    Joschka Fischer

    The escalating war in the Middle East must be understood in a broader context. The fact that the Iranian regime felt emboldened to risk a direct strike on Israel attests to a changing world order in which Western power is increasingly open to challenge.

    considers the implications of Iran’s unprecedented decision to launch a direct strike on Israeli territory.
  4. nyirinkindi1_ISAAC KASAMANIAFP via Getty Images_women phone fintech ISAAC KASAMANI/AFP via Getty Images

    Gender-Neutral Fintech Isn’t Working for Women

    Emmanuel Nyirinkindi & Jessica Schnabel show that the industry is not fully delivering on its promise to accelerate financial inclusion.
  5. evans72_Alex WongGetty Images_palestine statehood Alex Wong/Getty Images

    The Urgency of Palestinian Statehood

    Gareth Evans explains why formal international recognition is crucial to ending the intolerable status quo.
  6. schiffrin10_Mark WilsonGetty Images_journalists Mark Wilson/Getty Images

    Quality Journalism Is More Important than Ever

    Anya Schiffrin, et al. explain how policymakers can support rigorous, objective reporting, just as they provide other public goods.
  7. wei60_MANJUNATH KIRANAFP via Getty Images_india population MANJUNATH KIRAN/AFP via Getty Images

    Is India’s Economy Overhyped?

    Shang-Jin Wei argues that the country’s rapid development, while undeniable, conceals deeper structural problems.
  8. krake1_Celal GunesAnadolu via Getty Images_spring meetings Celal Gunes/Anadolu via Getty Images

    Negotiating a Bigger, Better World Bank

    Michael Krake & Wempi Saputra explain how a new framework will nudge countries to invest in projects that deliver global public goods.
  9. redford1_Getty Images_earth conservation Getty Images

    The Ozone Layer’s Recovery Shows How to Protect the Planet

    Robert Redford & Xiye Bastida highlight the critical role of international cooperation in preserving the planet’s habitability.

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