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Michael Spence

Michael Spence

Writing for PS since 2008
177 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. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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  1. jin26_Feng KaihuaXinhua via Getty Images_chinaarabinvestment Feng Kaihua/Xinhua via Getty Images

    China Is Better Prepared Than America for a Divorce

    Keyu Jin shows how the country has been reorienting and even expanding its global economic footprint.
  2. jackowski1_Ricardo ArduengoGettyImages_florida_hurricane_destruction Ricardo Arduengo/Getty Images

    Digital Financial Inclusion Strengthens Climate Resilience

    Ellen Jackowski calls for reducing the number of unbanked people and building digital infrastructure in vulnerable communities.
  3. ito43_HandoutGettyImages_yoon_suk_yeol_impeachment Handout/Getty Images

    The High Cost of South Korea’s Short-Lived Martial Law

    Takatoshi Ito

    Even as South Korea was plunged into political turmoil following the president’s short-lived declaration of martial law, financial markets have remained calm. But the country still has months of political uncertainty ahead, leaving it in a weak position to respond to US policy changes when President-elect Donald Trump takes office.

    argues that while markets shrugged off the recent turmoil, the episode could have long-lasting consequences.
  4. castaneda91_AndalouGettyImages_mexico_immigration_enforcement Andalou/Getty Images

    Did Mexico Help Trump Get Elected?

    Jorge G. Castañeda speculates that former President Andrés Manuel López Obrador used migration flows to influence the US election.
  5. chatoux1_Dilok KlaisatapornGetty Images_carbonremoval Dilok Klaisataporn/Getty Images

    How the EU Can Scale Up Carbon Removal

    Ludovic Chatoux & Sophia Escheu urge European policymakers to use regulation to increase investment in this crucial green technology.
  6. bildt130_Andrew Caballero-ReynoldsGettyImages_syria_pedersen_un Andrew Caballero-Reynolds/Getty Images

    The Way Forward in Syria

    Carl Bildt urges all parties involved to support the political roadmap that the United Nations adopted in 2015.
  7. alvarado1_Marcos PinGettyImages_ecuador_crime_scene Marcos Pin/Getty Images

    Crime Is Punishing Latin America’s Economies

    Nathalie Alvarado & Ana María Ibáñez explain how the problem acts as a tax on development – one that the region can no longer afford to pay.
  8. palacio164_GREG BAKERAFP via Getty Images_xichinesedream Greg Baker/AFP via Getty Images

    China’s New Social Contract

    Ana Palacio highlights a fundamental shift in priorities brought about by slowing growth and changing public expectations.
  9. haass175_Citizens of the PlanetGettyImages_oil_rig_solar_panels

    The Energy Transition That Couldn’t

    Richard Haass & Carolyn Kissane

    Dominant intellectual frameworks persist until their limitations in describing reality become undeniable, paving the way for a new paradigm. The idea that the world can and will replace fossil fuels with renewables has reached that point.

    argue that replacing fossil fuels with renewables is an idea that has exhausted its utility.

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