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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
    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.

  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. johnson180_JIM WATSONAFP via Getty Images_kamala harris JIM WATSON/AFP via Getty Images

    Only Harris Will Deliver Shared Prosperity

    Simon Johnson says that Donald Trump’s discredited protectionism would benefit the few at the expense of the many.
  2. roubini191_JOHN WESSELSAFP via Getty Images_israelmissiles John Wessels/AFP via Getty Images

    Israel and Iran Are Likely to Escalate

    Nouriel Roubini rejects the widespread view that the conflict will be contained after the latest exchange of attacks.
  3. stiglitz343_ChipSomodevillaGettyImages_trump_goofy Chip Somodevilla/Getty Images

    The Perils of a Trump-Musk Economy

    Joseph E. Stiglitz

    Donald Trump is offering a vision of crony rentier capitalism that has enticed many captains of industry and finance. In catering to their wishes for more tax cuts and less regulation, he would make most Americans’ lives poorer, harder, and shorter.

    explains what a Republican victory in the 2024 election would mean for most Americans’ standard of living.
  4. galbraith37_Anna MoneymakerGetty Images_elonmusktrump Anna Moneymaker/Getty Images

    Elon Musk Gets Trump’s Economic Plans Partly Right

    James K. Galbraith argues that only a tycoon could love Donald Trump’s proposed tariffs, deportations, and spending cuts.
  5. velasco153_MaximShemetovGettyImages_brics_kazan1 Maxim Shemetov/Getty Images

    The Futile Search for a Dollar Rival

    Andrés Velasco sees no progress on the part of the BRICS to challenge America’s monetary hegemony.
  6. melamed2_Santosh KumarHindustan Times via Getty Images_census Santosh Kumar/Hindustan Times via Getty Images

    Democracy’s Data Paradox

    Claire Melamed explains why reliable information is crucial to maintaining the integrity of political institutions.
  7. op_badre2_Joan CrosNurPhoto via Getty Images_francestartuptech Joan Cros/NurPhoto via Getty Images

    Europe’s Existential AI Challenge

    Bertrand Badré & Charles Ferguson

    The outcome of the AI race could determine the global distribution of wealth and power for generations to come, and Europe is already lagging far behind China, the United States, Israel, Taiwan, and many others. Overhauling the EU's sclerotic, Kafkaesque startup ecosystem has never been more urgent.

    explain what is wrong with the EU technology startup system, and what to do about it.
  8. gelfand3_ Kevin DietschGetty Images_harris Kevin Dietsch/Getty Images

    Harris or Chaos

    Michele Gelfand explains what is really at stake in the 2024 US presidential election.
  9. aghion9_ALAIN JOCARDAFP via Getty Images_barnier ALAIN JOCARD/AFP via Getty Images

    A Weak French Government’s Fiscal Reckoning

    Philippe Aghion & Bénédicte Berner warns that the absence of a parliamentary majority is likely to impede efforts to restore sustainable growth.

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