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Michael Spence

Michael Spence

Writing for PS since 2008
173 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. Crunch Time for the Power Sector
    spence173_ Joe RaedleGetty Images_power Joe Raedle/Getty Images

    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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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  1. patino1_Jesus VargasGetty Images_edmundogonzalez Jesus Vargas/Getty Images

    Diplomacy Could Help Revive Democracy in Venezuela

    Roberto Patiño urges the international community to help ensure a free and fair presidential election in July.
  2. zizek31_Horacio Villalobos#CorbisGetty Images_marinelepen Horacio Villalobos/Corbis/Getty Images

    The Specter of Neo-Fascism Is Haunting Europe

    Slavoj Žižek

    With mainstream parties and politicians already preparing to accommodate the far right following this month's European Parliament election, the axiom of post-World War II European democracy has been quietly abandoned. “No collaboration with fascists" is being replaced by a tacit acceptance of them.

    harbors no illusions about what the outcome of the European Parliament election means.
  3. tbhattacharya1_MONEY SHARMAAFP via Getty Images_indiahospitalmother MOney Sharma/AFP via Getty Images

    Can Private Hospitals Increase Access to Health Care in Developing Countries?

    Titir Bhattacharya & Tanika Chakraborty show how innovative insurance schemes can help low- and middle-income economies achieve universal coverage.
  4. fengler1_Alina SmutkoSuspilne UkraineJSC UAPBCGlobal Images Ukraine via Getty Images_ukrainereconstruction Alina Smutko/Suspilne Ukraine/JSC UAP/BCGlobal Images Ukraine via Getty Images

    Tracking Ukraine’s Reconstruction Funds

    Wolfgang Fengler & Vladyslav Rashkovan show how digital tools can streamline the process, improve transparency, and provide accountability.
  5. muzikarova6_VLADIMIR SIMICEKAFP via Getty Images_fico Vladimir Simicek/AFP via Getty Images

    Slovakia’s Anti-Democratic Government Is Doubling Down

    Soňa Muzikárová warns that the assassination attempt in May has led the government to double down on illiberal reforms.
  6. skidelsky202_BettmannGetty Images_d-day Bettmann/Getty Images

    D-Day and the Threat of Total War

    Robert Skidelsky

    After eight decades of relative peace, the world is once again dividing into hostile economic and geopolitical blocs. The 80th anniversary of the invasion of Normandy offers a valuable opportunity to reflect on the principles we are willing to defend and the sacrifices we are prepared to make.

    thinks understanding the causes and consequences of past global conflicts is crucial to preventing another one.
  7. obstfeld4_Jabin BotsfordThe Washington Post via Getty Images_trumplighthizer Jabin Botsford/The Washington Post via Getty Images

    The Dangers of a US Capital Inflow Tax

    Maurice Obstfeld worries that a little-known, highly costly method of deficit reduction is gaining political traction.
  8. beaufils1_ Alain DENANTESGamma-Rapho via Getty Images_solar panels Alain DENANTES/Gamma-Rapho via Getty Images

    Europe’s Green Transition Requires More Skilled Workers

    Julie Beaufils urges policymakers to boost the attractiveness of technical vocations by expanding access to apprenticeships.
  9. volz8_iStock  Getty Images Plus_global finance iStock / Getty Images Plus
    Free to read

    A Monetary and Economic Order Fit for the Twenty-First Century

    Ulrich Volz, et al. identify eight priorities to build a more resilient, inclusive, and sustainable global financial architecture.

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