Labor, no matter how inexpensive, will become a less important asset for growth and employment expansion, with labor-intensive, process-oriented manufacturing becoming a less effective way for early-stage developing countries to enter the global economy. — Michael Spence Copy Share Image
My mother was strong-willed, demanding, and very supportive all at the same time. — Michael Spence Copy Share Image
I picked economics at the end of my undergraduate time because it seemed to be a really nice combination of theory, including mathematical theory… — Michael Spence Copy Share Image
There is no question that the recovery from the global recession triggered by the 2008 financial crisis has been unusually lengthy and anemic. — Michael Spence Copy Share Image
During my Ph.D. program, I became interested in the informational structure of markets that turned into the work on signaling, which was the part… — Michael Spence Copy Share Image
In economies with excess productive capacity, targeted investment can yield a double benefit, generating short-run demand and boosting growth and productivity thereafter. — Michael Spence Copy Share Image
Next to my family, it seems clear to me that the educational institutions and the teachers from whom I had the privilege of learning… — Michael Spence Copy Share Image
Properly targeted public investment can do much to boost economic performance, generating aggregate demand quickly, fueling productivity growth by improving human capital, encouraging technological… — Michael Spence Copy Share Image
The research side of academic life is often viewed from the outside as a solo and, at times, lonely activity. In fact, it is… — Michael Spence Copy Share Image
Digitally enabled supply chains initially increased efficiency and dramatically shortened lead times. Capital was mobile; labor, less so. Economic activity (production, research, design, etc.)… — Michael Spence Copy Share Image
It is a wonderful and unexpected honor to receive the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Receiving this… — Michael Spence Copy Share Image
Although everyone does benefit from lower-priced goods and services, people also care greatly about the chance to be productively employed and the quality of… — Michael Spence Copy Share Image
