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Michael Spence

Michael Spence

Writing for PS since 2008
178 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 US Economy’s Trust Deficit
    Matt Gush/Getty Images

    The US Economy’s Trust Deficit

    Dec 20, 2024 Michael Spence considers the causes and consequences of Americans’ declining faith in media and government.

  2. China Can Beat Back Deflation
    spence178_NurPhotoGettyImages_china_deflation_supermarket1 NurPhoto/Getty Images

    China Can Beat Back Deflation

    Nov 6, 2024 Michael Spence predicts that, with the right policies, the economy’s growth momentum can be restored within 2-3 years.

  3. 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.

  4. 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.

  5. 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.

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  1. ruto6_LUIS TATOAFP via Getty Images_africafloods Luis Tato/AFP via Getty Images

    A New Deal for Developing Countries

    William Ruto explains what climate-vulnerable Africa will need to strengthen their resilience and sustain economic growth.
  2. mazzucato78_James Glossop - WPA PoolGetty Images_starmerinvestment James Glossop/WPA/Pool/Getty Images

    Good Growth Requires Getting Public-Private Partnerships Right

    Mariana Mazzucato worries that a recently unveiled industrial strategy is not structured properly.
  3. delong266_Michael SwensenGetty Image_musk Michael Swensen/Getty Images

    American Idiots

    J. Bradford DeLong considers the implications of Donald Trump and friends' effort to orchestrate an unnecessary government shutdown.
  4. fischer223_Alexander KoernerGetty Images_bundeswehr Alexander Koerner/Getty Images

    Putin’s Setbacks Are Cold Comfort for Europe

    Joschka Fischer considers the implications of Russia's loss in Syria and Donald Trump's imminent return to the White House.
  5. brown115_WAKIL KOHSARAFP via Getty Images_afghanistanwomen Wakil Kohsar/AFP via Getty Images

    Gender Apartheid Is a Crime Against Humanity

    Gordon Brown urges global policymakers to address the Afghan regime’s egregious violations of women and girls' rights.
  6. Matt Gush/Getty Images

    The US Economy’s Trust Deficit

    Michael Spence considers the causes and consequences of Americans’ declining faith in media and government.
  7. halland9_FREDRIK VARFJELLNTBAFP via Getty Images_norwaynaturalgas Fredrik Varfjell/NTB/AFP via Getty Images

    Norway Is a Ukraine War Profiteer

    Håvard Halland & Knut Anton Mork

    The Norwegian finance ministry recently revealed just how much the country has benefited from Russia's invasion of Ukraine, estimating its windfall natural-gas revenues for 2022-23 to be around $111 billion. Yet rather than transferring these gains to those on the front line, the government is hoarding them.

    argue that the country should give its windfall gains from gas exports to those on the front lines.
  8. gahnberg1_NurPhotoGettyImages_china_mobile_changing_piles

    Navigating the Risks of Digital Public Infrastructure

    Carl Gahnberg calls for guardrails and policy guidelines to prevent governments from abusing the policy paradigm.
  9. gill10_Nhac NguyenGettyImages_vietnam_street_vendor Nhac Nguyen/Getty Images

    Services Are the New Road to Development

    Indermit Gill & Aaditya Mattoo explain why developing countries need a new paradigm to replace the old manufacturing-led model.

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