Michael Spence Quotes

Michael Spence
Michael Spence
American Economist
Born: Nov 7, 1943
Demand Global Learning Research Time Will
Related authors: Alan Greenspan Herbert A. Simon John Kenneth Galbraith Milton Friedman Paul A. Volcker Richard Thaler Robert Reich Thomas Sowell
Globalization is the process by which markets integrate worldwide. Michael Spence
Worldwide Markets Globalization Integrate Process Which
On their own, tariff and trade barriers, if viewed as transitory negotiating tactics, will not significantly change global investment patterns or the structure of global supply chains and employment. Michael Spence
Change Will Own Negotiating Structure Tactics Investment Supply Global Employment Trade Tariff Patterns Transitory Viewed Barriers Chains
A split between the U.S. and its traditional allies, if it becomes a permanent feature of the new global order, would lead to deeper fragmentation among the world's market-oriented democracies. That will surely shift the long-term balance of power in China's favor, as it moves steadily toward becoming the world's largest economy. Michael Spence
Democracy Balance World Will Power Fragmentation Favor Would Steadily Feature Allies Split Lead Toward Between Long-Term New Economy Global Balance Of Power Surely Becomes Permanent Becoming Traditional Shift Moves Order China Deeper Among Largest
The combination of a workable basic formula and the capacity to improve over time is what one hopes for in any aspect of society: business, government, the non-profit sector. Michael Spence
Government Time Business Society Sector Hopes Combination Over Improve Any Formula Capacity Aspect Basic
It is a wonderful and unexpected honor to receive the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Receiving this prize with Joseph Stiglitz and George Akerlof, whose work I have learned from and admired, makes it even more gratifying. Michael Spence
Work Memory Wonderful Honor Admired More Economic Nobel Joseph Learned Sciences Makes George Prize Unexpected Bank Sweden Even Gratifying Whose Receive Receiving
I was not thinking about infinite multipliers when I was 10. But I did have a father who was a Ph.D. in commerce and finance and an intellectual man. And so I had a feeling, probably about the time I went to college, that I would try to be a scholar and teacher, but I didn't know which field. Michael Spence
Finance Teacher Time Man Try Father College Feeling Field Thinking Would About Scholar Had Know Intellectual Commerce Did Infinite Which Who
I picked economics at the end of my undergraduate time because it seemed to be a really nice combination of theory, including mathematical theory on one hand, and things that are quite practical that you can touch and see and feel. So I picked it, and I consciously thought of it as an experiment to see if I liked it. And it worked. Michael Spence
Time You Thought Economics Experiment Nice See Seemed Touch Picked Feel Combination Liked Undergraduate Practical Because Mathematical Hand End Quite Worked Really Theory Including Things
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 of my early work that was recognized for the Nobel Prize, but it was not really a subject at the time. Michael Spence
Work Time Early Work Markets Recognized Structure Part Nobel Nobel Prize Became Subject Prize Which Informational Interested Turned Really Early Program
With external help, even the countries ravaged by World War II recovered. Michael Spence
War World Recovered Countries Help Even External World War World War II
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
Matter Will Important Become Way Enter Developing Developing Countries Countries Economy Global Global Economy Employment Becoming How Inexpensive Effective Effective Way Labor Expansion Less Manufacturing Asset Growth
All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion. Michael Spence
Digital Will Rebuild Countries Supports Around Expansion Models Human Deployment Capital Eventually Growth Technologies Need
Actions aimed at supporting deleveraging and balance-sheet repair - such as recognizing losses, writing down assets, and recapitalizing banks - carry longer-term benefits but short-term costs. Michael Spence
Writing Benefits Down Recognizing Carry Costs Supporting Repair Losses Banks Short-Term Actions Assets
China's continued growth and rising household income are creating opportunities for lower-income economies in low-cost manufacturing. Michael Spence
Opportunities Rising Economies Household Continue China Low-Cost Creating Manufacturing Income Growth
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future. Michael Spence
Today Future Face Control Secure More Developing Over Economies Prosperous Powerless Also Does Moderate Done May Just Sustain Mean Much Growth Resilient
A global economy that is levering up, while unable to generate enough aggregate demand to achieve potential growth, is on a risky path. Michael Spence
Path Achieve Enough Unable Potential Risky Generate Demand Economy Global Global Economy Up While Aggregate Growth
My mother was strong-willed, demanding, and very supportive all at the same time. Michael Spence
Time Mother Demanding Strong-Willed Supportive Very Same Same Time
Education is, in the end, about individual interactions and about learning. Michael Spence
Education Learning About Individual End Interactions In The End
Reforms aimed at increasing an economy's flexibility are always hard - and even more so at a time of weak growth - because they require eliminating protections for vested interests in the short term for the sake of greater long-term prosperity. Michael Spence
Time Prosperity Increasing Weak More Long-Term Term Economy Greater Because Always Sake Vested Vested Interests Reforms Short Short-Term Interests Require Flexibility Hard Even Growth
Properly targeted public investment can do much to boost economic performance, generating aggregate demand quickly, fueling productivity growth by improving human capital, encouraging technological innovation, and spurring private-sector investment by increasing returns. Michael Spence
Innovation Increasing Boost Properly Economic Generating Investment Performance Demand Returns Encouraging Targeted Quickly Improving Human Public Capital Much Aggregate Productivity Growth Technological

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