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Michael Spence

Michael Spence

Writing for PS since 2008
171 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 the author of The Next Convergence: The Future of Economic Growth in a Multispeed World (Macmillan Publishers, 2012).

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  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. Europe in the Age of Industrial Policy
    spence164_Thierry MonasseGetty Images_eu integration Thierry Monasse/Getty Images

    Europe in the Age of Industrial Policy

    Sep 26, 2023 Michael Spence advocates a federal investment program, funded by EU sovereign-debt issuance and administered centrally.

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  1. adjei1_ NIPAH DENNISAFP via Getty Images_ghana forest preservation NIPAH DENNIS/AFP via Getty Images

    Carbon Credits Hold the Key to Combating Deforestation

    Roselyn Fosuah Adjei explains how nature-based offsets could help reduce emissions and benefit local communities.
  2. buruma211_VANO SHLAMOVAFP via Getty Image_navalny Vano Shlamov/AFP via Getty Images

    Alexei Navalny Did Not Die for Nothing

    Ian Buruma

    The Russian opposition leader faced a dilemma that all dissenters in authoritarian states must grapple with: live in exile and fade into obscurity, or confront an oppressive regime and risk imprisonment and torture. Navalny’s choice – and the price he paid for making it – will inspire dissidents for generations to come.

    highlights the crucial role of political martyrs in inspiring resistance to oppressive regimes.
  3. velasco145_Amarjeet Kumar SinghAnadolu Agency via Getty Images Amarjeet Kumar Singh/Anadolu Agency via Getty Images

    The Submergence of Emerging Markets

    Andrés Velasco worries that major middle-income economies are facing a prolonged slowdown, jeopardizing global convergence.
  4. nabi6_Monika Skolimowskapicture alliance via Getty Images_ai health Monika Skolimowska/picture alliance via Getty Images

    How AI Could Reshape Medicine

    Junaid Nabi highlights the new technology’s potential to transform how we diagnose, treat, and prevent diseases.
  5. op_fofack3_Sean GallupGetty Images_rutogeorgieva Sean Gallup/Getty Images

    Making Bretton Woods Work for Africa

    Hippolyte Fofack envisions a reformed global financial architecture that provides equal access to long-term patient capital.
  6. spence170_Biplov BhuyanHindustan Times via Getty Images_wsupreme court india Biplov Bhuyan/Hindustan Times via Getty Images

    Making Sense of Society

    Michael Spence considers why a healthy civil society is crucial to good governance and inclusive prosperity.
  7. haldar31_Sefa KaracanAnadolu AgencyGetty Images_navalny Sefa Karacan/Anadolu Agency/Getty Images

    Shock Therapy Killed Navalny

    Antara Haldar argues that while Vladimir Putin bears responsibility, so do the economic policies that put him in power.
  8. rbrooks1_Markus Scholzpicture alliance via Getty Images_germanyshipping Markus Scholz/picture alliance via Getty Images

    Putin’s Silk Road Around Sanctions

    Robin Brooks & Simon Johnson urge Europe and the G7 to stop the re-export of Western goods to Russia from Central Asia and the Caucasus.
  9. thallinger3_Sean GallupGetty Images_fossil fuels Sean Gallup/Getty Images

    To Fight Climate Change, End Fossil-Fuel Subsidies

    Günther Thallinger & Ludovic Subran urge policymakers to recognize the true costs of a policy that harms the planet and does not help the poor.

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