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Michael Spence

Michael Spence

Writing for PS since 2008
176 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 High Cost of Excluding Chinese Technology
    spence176_VCGVCG via Getty Images_chinaelectricvehicles VCG/VCG via Getty Images

    The High Cost of Excluding Chinese Technology

    Oct 2, 2024 Michael Spence warns that both the global economy and the sustainability agenda could be dealt a devastating blow.

  2. Europe Needs a New Economic Vision
    spence175_eu unnivation iStock / Getty Images Plus/greenbutterfly

    Europe Needs a New Economic Vision

    Aug 21, 2024 Michael Spence is confident that the European Union can make up ground lost to the US and China – if it knows what it wants.

  3. The Economics of Philanthropy
    spence174_ David RyderGetty Images_gates foundation David Ryder/Getty Images

    The Economics of Philanthropy

    Jul 4, 2024 Michael Spence proposes mechanisms for inducing the wealthy to support public goods at a time of rising inequality.

  4. Crunch Time for the Power Sector
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    Crunch Time for the Power Sector

    May 17, 2024 Michael Spence argues that developing flexible, stable, and resilient smart grids requires an expanded industrial policy.

  5. The Indian Giant Has Arrived
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    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.

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  1. aghion8Getty Images_innovation iStock / Getty Images Plus

    Can Europe Create an Innovation Economy?

    Philippe Aghion, et al. explain what EU member states must do to stop falling further behind the United States economically.
  2. krueger52_FREDERIC J. BROWNAFP via Getty Images_shipping port us FREDERIC J. BROWN/AFP via Getty Images

    Trump’s Proposed Tariffs Are a Gift to the Rich

    Simon Johnson cites research showing that middle-class US households would foot the bill.
  3. imweber7_Dave ReedeDesign Pics EditorialUniversal Images Group via Getty Images_grain storage Dave Reede/Design Pics Editorial/Universal Images Group via Getty Images

    Building a Buffer Against Food-Price Shocks

    Isabella M. Weber, et al. urge Brazil and South Africa, as successive G20 presidents, to devise a new stabilization playbook.
  4. benami215_IBRAHIM HAMSAFP via Getty Images_gazawar Ibrahim Hams/AFP via Getty Images

    Nothing New on the Middle Eastern Front

    Slavoj Žižek sees developments in the year since October 7, 2023, as the logical realization of long-standing potentialities.
  5. james222_Win McNameeGetty Images)_debate Win McNamee/Getty Images)

    Trump’s Tariffs Are an Opportunity for Harris

    Harold James urges the Democratic presidential candidate to reject the new consensus against free trade.
  6. milani6_MENAHEM KAHANAAFP via Getty Images_israeliranmissiles Menahem Kahana/AFP via Getty Images

    A Dangerous Dance for Israel and Iran

    Abbas Milani sees both countries walking a tightrope to maintain deterrence without provoking a full-blown war.
  7. haldar38_ERNESTO BENAVIDESAFP via Getty Images)_fujimori ERNESTO BENAVIDES/AFP via Getty Images)

    The Bloody Path of Alberto Fujimori’s Neoliberalism

    Antara Haldar assesses the former Peruvian president’s legacy of free-market reform and death-squad dictatorship.
  8. benami218_JALAA MAREYAFP via Getty Images_lebanon israel iran JALAA MAREY/AFP via Getty Images

    The Middle East’s Deadly Dream Palaces

    Shlomo Ben-Ami traces the delusions of Arab, Iranian, and Israeli leaders that have kept the region mired in violence.
  9. op_sonin1_ILYA PITALEVSPUTNIKAFP via Getty Images_russiamilitaryproduction Ilya Pitalev/Sputnik/AFP via Getty Images

    Making Sense of Russia’s War Economy

    Konstantin Sonin

    Despite the apparent resilience of Russia's economy, Vladimir Putin’s full-scale war against Ukraine comes at a high economic cost. Not only does it require today’s Russians to live a worse life than they otherwise would have done; it also condemns future generations to the same.

    explains the apparent resilience of growth and employment in the face of increasingly tight sanctions.

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