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Michael Spence

Michael Spence

Writing for PS since 2008
172 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 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.

  2. 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.

  3. The Next Phase of Our Inflation Journey
    spence169_SAUL LOEBAFP via Getty Images_powell Saul Loeb/AFP via Getty Images

    The Next Phase of Our Inflation Journey

    Feb 2, 2024 Michael Spence sees flaws in projections that the US Federal Reserve will continue to cut interest rates beyond 2024.

  4. COP28 Can Deliver Progress on Climate Change, but Will It?
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    COP28 Can Deliver Progress on Climate Change, but Will It?

    Dec 5, 2023 Michael Spence highlights areas where the UN summit in Dubai can bring important progress.

  5. Michael Spence on industrial policy, AI, growth models, and more
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    Michael Spence on industrial policy, AI, growth models, and more

    Oct 24, 2023 Michael Spence describes the global economy’s new supply conditions, urges governments to tap the potential of artificial intelligence to boost productivity, explains why the relationship between monetary and fiscal policy must change, and more.

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  1. krueger74_AFP via Getty Images_nigercoup AFP via Getty Images
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    The Geopolitics of Africa’s Debt Crisis

    Anne O. Krueger urges developed countries to back efforts by the IMF and the World Bank to promote growth-enhancing reforms.
  2. palacio156_ Georg Moritzpicture alliance via Getty Images_immigation Georg Moritz/picture alliance via Getty Images
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    Why the EU’s New Migration Pact Matters

    Ana Palacio applauds the pragmatic coalition-building, especially by Italy’s Giorgia Meloni, that enabled the deal.
  3. kirchschlager1_Fatih AktasAnadolu Agency via Getty Images_AI Fatih AktasAnadolu Agency via Getty Images
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    AI Needs UN Oversight

    Peter G. Kirchschläger calls for the creation of a watchdog – similar to the IAEA – that employs a human rights-based approach.
  4. chellaney_VCGVCG via Getty Images_china military VCG/VCG via Getty Images
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    The West Is Hastening Its Own Decline

    Brahma Chellaney argues that the unprecedented US and European sanctions against Russia are backfiring.
  5. zizek29_Sebastian Gollnowpicture alliance via Getty Images_palestine congress germany Sebastian Gollnowpicture alliance via Getty Images
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    Canceling Palestine

    Slavoj Žižek

    Current debates about Israeli policy are rife with double standards, leading to absurd decisions like Germany’s recent cancellation of a pro-Palestinian gathering. By quashing legitimate speech and assembly, an Israel-aligned establishment risks inciting precisely the kind of anti-Semitism that it wants to prevent.

     worries that the double standards applied on Israel’s behalf will lead to an anti-Semitic backlash.
  6. ackerman2_Brian van der Brug Los Angeles Times via Getty Images_preschool Brian van der Brug / Los Angeles Times via Getty Images
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    America’s Childcare Is Unfit for the Postmodern Age

    Bruce Ackerman urges US President Joe Biden to put universal preschool at the center of his re-election campaign.
  7. acemoglu72_ Hulton ArchiveGetty Images_cottonhandweaving Hulton Archive/Getty Images
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    History Already Tells Us the Future of AI

    Daron Acemoglu & Simon Johnson

    David Ricardo, one of the founders of modern economics in the early 1800s, understood that machines are not necessarily good or bad. His insight that whether they destroy or create jobs all depends on how we deploy them, and on who makes those choices, could not be more relevant today.

     find policy lessons for the 2020s in the work of the early-nineteenth-century economist David Ricardo.
  8. silber3_William Thomas CainGetty Images_trumpplazahotel William Thomas Cain/Getty Images
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    Trump and the Risk of a US Debt Default

    William L. Silber thinks the former president would be even more reckless if awarded another term this year.
  9. lboone2_Celestino ArceNurPhoto via Getty Images_ukraine Celestino Arce/NurPhoto via Getty Images
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    Europe’s Red Tape Is Helping Russia

    Laurence Boone & Nicu Popescu propose a European Defense Production Act to help fast-track processes for public procurement and spending.

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