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Michael Spence

Michael Spence

Writing for PS since 2008
175 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. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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  1. fofack27_ BENSON IBEABUCHIAFP via Getty Images_nigeriaprotests Benson Ibeabuchi/AFP via Getty Images
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    Confronting Africa’s Cost-of-Living Crisis

    Hippolyte Fofack

    While inflation and price growth have fallen in advanced economies, they remain stubbornly high in Africa, owing to rising food prices, the lack of formal employment opportunities, and austerity measures. The resulting protests in Nigeria and Kenya should encourage governments to rethink constraints on public spending.

     urges governments to rethink constraints on public spending and increase investment in human capital.
  2. benami217_ ALBERTO PIZZOLIAFP via Getty Images)_ancient rome ALBERTO PIZZOLI/AFP via Getty Images)
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    Why Rome Still Matters

    Shlomo Ben-Ami considers the ancient empire’s hold on the popular imagination and what its history has to teach us.
  3. hendy1_Sina Schuldtpicture alliance via Getty Images_maternity Sina Schuldt/picture alliance via Getty Images
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    Egypt’s Skyrocketing C-Sections

    Rana Hendy & Lobna Shaheen urge policymakers to take decisive steps to address the inequalities fueling the rise in cesarean deliveries.
  4. caballero1_Sanjeev VermaHindustan Times via Getty Images_indiashopping Sanjeev Verma/Hindustan Times via Getty Images
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    Asia’s Consumer Tipping Point

    Juan Caballero & Wolfgang Fengler highlight a milestone that marks the transition from poverty to a more typical middle-class lifestyle.
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    Kishore Mahbubani on the US-China rivalry, Asian security risks, and more

    Kishore Mahbubani offers advice to Western diplomats attempting to engage with Asia, identifies risks to the region’s stability, highlights Singapore’s lessons for developing-country leaders, and more.
  6. new delhi smog SAJJAD HUSSAIN/AFP/Getty Images
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    Tracking Air Quality the Right Way

    Soumya Swaminathan & Christa Hasenkopf call for an authoritative global accounting of the world’s single greatest external risk to human health.
  7. buchholz19_Tayfun CoskunAnadolu Agency via Getty Images_aukus Tayfun Coskun/Anadolu Agency via Getty Images
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    Countries That March Together Should Trade Together

    Todd G. Buchholz urges the next US president to distinguish good from bad actors, rather than raise tariffs haphazardly.
  8. op_roubini1_GettyImages_USChinamoneysewedtogether Getty Images
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    Resetting US-China Economic Relations

    Barry Eichengreen

    The implications of the deepening Sino-American rift are far-reaching, because several of the world’s most pressing economic problems can be solved only with contributions from both countries. And, to address global challenges, active cooperation between the two economic powers is indispensable.

     hopes that political will on both sides catches up with the opporunities for cooperation that now exist.
  9. gros189_Sean GallupGetty Images_germanypowerlines Sean Gallup/Getty Images
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    The Improving Economics and Worsening Geopolitics of Clean Energy

    Daniel Gros warns that political obstacles are preventing the widespread uptake of low-cost green technologies.

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