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Hoover Daily Report items by Michael Spence

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March 18, 2014 | Project Syndicate

Politics-Proof Economies?

February 20, 2014 | Project Syndicate

Overshooting in Emerging Markets

January 23, 2014 | Project Syndicate

The Real Challenges to Growth

January 9, 2014 | Project Syndicate

The Distributional Challenge

December 30, 2013 | Japan Times

The Distributional Challenge

Assessing the recent past and looking forward to the near term is a natural end-of-year exercise. When it comes to the global economy in 2013 and 2014, it may well ...
November 20, 2013 | Project Syndicate

What’s Stopping Robust Recovery?

October 17, 2013 | Project Syndicate

America the Reckless

September 19, 2013 | Project Syndicate

The Blurry Frontiers of Economic Policy

August 19, 2013 | Project Syndicate

Decision Time for the Global Economy

July 23, 2013 | Project Syndicate

China’s End of Exuberance

May 24, 2013 | Project Syndicate

The Sino-American Decade

May 18, 2013 | Project Syndicate

Learning About Growth from Austerity

April 15, 2013 | Project Syndicate

Battleground Budget

March 20, 2013 | Project Syndicate

Europe, Italian-Style

February 18, 2013 | Project Syndicate

Rebalancing the State’s Balance Sheet

January 15, 2013 | Project Syndicate

Technology and the Employment Challenge

November 19, 2012 | Project Syndicate

President Xi’s Singapore Lessons

November 8, 2012 | Project Syndicate

Underinvesting in Resilience

October 12, 2012 | Project Syndicate

Emerging-Market Resilience

September 14, 2012 | Project Syndicate

Hard Truths About Global Growth

August 15, 2012 | Project Syndicate

Why Are Governments Paralyzed?

July 17, 2012 | Project Syndicate

Tradable Prosperity

June 19, 2012 | Project Syndicate

Clarity about Austerity

Whether one calls this austerity or something else is a matter of semantics. But the confusion that has resulted is anything but harmless...
May 23, 2012 | Project Syndicate

Why Do Economies Stop Growing?

Over the years, advanced and developing countries have experimented, sometimes deliberately and frequently inadvertently, with a variety of approaches to growth. Unfortunately, many of these strategies have turned out to have built-in limitations or decelerators...
March 20, 2012 | Project Syndicate

The Energy Deficit

In view of America’s long history of neglect of energy security and resilience, the notion that Barack Obama’s administration is responsible for rising gas prices makes little sense...
February 17, 2012 | Project Syndicate

The Sustainability Mindset

Over time, values shift as knowledge is acquired and disseminated. Policies aimed at sustainability are likely to follow. What is unknown is whether we will reach that point fast enough to avoid major disruptions, or even potential conflict...
January 13, 2012 | Project Syndicate

Mind over Market

Most societies have important economic and other objectives that markets and competition are not designed to achieve. In today’s rapidly globalizing world, the most important of these objectives...are stability, distributional equity, and sustainability...
November 21, 2011 | Project Syndicate

Can Italy Be Saved?

As the economist Mario Monti’s new government takes office in Italy, much is at stake – for the country, for Europe, and for the global economy...
October 17, 2011 | Project Syndicate

The Global Jobs Challenge

Over the past three decades, hundreds of millions of new workers have entered the global economy...But these new workers have also brought more employment competition and significant shifts in relative wages and prices, which is having profound distributional effects...
September 21, 2011 | Project Syndicate

Closing America’s Growth Deficit

...[O]ne thing has become clear: the United States cannot generate higher rates of growth in GDP and employment without a change in the mix of the economy’s domestic and export-oriented components...
August 8, 2011 | Project Syndicate

Stagnant and Paralyzed

The recent dramatic declines in equity markets worldwide are a response to the interaction of two factors: economic fundamentals and policy responses – or, rather, the lack of policy responses...
June 24, 2011 | Wall Street Journal

Why the Old Jobs Aren't Coming Back

A stimulus package that temporarily restores demand isn't the answer...
June 15, 2011 | Project Syndicate

A Post-Crisis World of Risk

The global economy’s most striking feature nowadays is the magnitude and interconnectedness of the macro risks that it faces...
June 2, 2011 | Foreign Affairs

Globalization and Unemployment: The Downside of Integrating Markets

Spence, a Nobel Prize-winning economist writes that economic growth and employment in the United States have started to diverge, increasing income inequality and reducing jobs for less-educated workers...
June 1, 2011 | Christian Science Monitor

IMF's next leader: Don't rush this choice

The quality and openness of the selection process for a new International Monetary Fund leader matters as much as the outcome. It will be key not only to the future legitimacy of that institution but to the very notion of cooperative global economic management...
April 14, 2011 | Project Syndicate

Changing China’s Growth Path

The goal of China's new Five-Year Plan is to recompose (not expand) aggregate demand, in order to sustain growth and avoid the diminishing-returns trap that is the principal risk of the current investment pattern. But changing that pattern will require many simultaneous transitions...
March 16, 2011 | Project Syndicate

Jobs and Structure in the Global Economy

All countries, including the successful emerging economies, have addressed issues of inclusiveness, distribution, and equity as part of the core of their growth and development strategies. Morally, pragmatically, and politically, that is the right course...
February 14, 2011 | Project Syndicate

The Evolving Structure of Global Growth

We are now slightly more than halfway through the century-long process of modernization that started for many of today's developing countries with their emergence from colonialism in the years following World War II. But where is that process taking us, and how can we influence its course...?
January 31, 2011 | Financial Times

The era of cheap capital draws to a close

...[E]ven as brewing currency wars threaten full-blown trade conflicts, we must remember one fact: this moment will not last...
January 23, 2011 | Newsweek

Five Steps to Fix the World

What would a coordinated set of global economic policies look like...?
January 19, 2011 | Politico

Beijing faces its own economic woes

China is facing a complex set of economic structural changes. Success in navigating this could determine its future growth...
January 14, 2011 | Project Syndicate

Five Steps Forward in 2011

Continued high growth in emerging markets depends on avoiding a second major downturn in the advanced economies, which continue to absorb a large (though declining) share of their exports. So what would a coordinated set of global economic policies look like?

December 14, 2010 | Project Syndicate

The Risk Tsunami

It is time for the G-20 to take seriously its mandate to agree on steps to stabilize the global economy and launch it on a more sustainable pattern of growth. Instead, the G-20 is behaving like a debating society...
November 17, 2010 | Japan Times

Fixing the U.S. Economy

For many, if not most, Americans, the crisis that befell them in 2008 — leading to slow growth, rising unemployment and high anxiety among voters — appeared to spring from nowhere...
November 12, 2010 | Project Syndicate

America’s Employment and Growth Challenges

Restoring balance and eliminating the distortions will require time, investment, and structural change, and should be the central focus of America’s economic policy...
October 20, 2010 | Project Syndicate

Obama at Halftime

Obama needs to take the lead in redirecting a highly polarized political environment engaged in a debate about the appropriate role and size of government toward a more pragmatic, results-oriented agenda...
September 16, 2010 | Project Syndicate

The IMF and Global Coordination

Before the crisis of 2008, the International Monetary Fund was in decline...The crisis changed all that. It became clear that the IMF has a crucial role to play in dealing with crisis-induced instability...
August 13, 2010 | Creators Syndicate

Can We Regulate Systemic Risk?

Systemic risks drive most crises, and pose a challenge for several reasons. First, they are not easy to detect with confidence, and are even more difficult to prove. Second, predicting the exact timing of a break point is, and will likely remain, beyond our ability. Finally, crises are highly non-linear events, which means that they occur without much warning...
July 16, 2010 | Project Syndicate

In Finance We Distrust

Around the world, the debate about financial regulation is coming to a head. A host of arguments and proposals is in play, often competing with one another – and thus inciting public and political confusion...
July 8, 2010 | Financial Times

America needs a growth strategy

As the International Monetary Fund warned on Thursday, America’s economy shows worrying signs of weakness. Worse, and in common with other developed countries, it also lacks a credible strategy for longer-term growth...
June 7, 2010 | Project Syndicate

Can Emerging Markets Save the World Economy?

Currently, [industrial countries] are wrestling with widening sovereign-debt problems and high unemployment. Yet emerging economies, once considered much more vulnerable, have been remarkably resilient...

May 18, 2010 | Project Syndicate

The End of Fiscal Sovereignty in Europe

When the eurozone was created, it was widely understood that fiscal discipline was a crucial underpinning. The current crisis vividly underscores the point...

April 21, 2010 | Project Syndicate

The Road to Post-Crisis Growth

Advanced-country growth may be diminished for a time, but the compensating factors that have emerged represent the most important lesson of the crisis...

October 12, 2009 | Forbes

Markets Aren’t Everything

The Nobel Prize this year recognizes two distinguished scholars, Elinor Ostrom and Oliver Williamson, one a political scientist and the other an economist...

February 28, 2009 | New York Times

A Long Goodbye

Recovery . . . The short answer is not soon...

November 14, 2008 | Forbes

What Can We Do To Halt The Crisis?

Questions for the G-20 summit...

October 6, 2008 | Forbes

Will The Bailout Work?

The U.S. economy, and much of the rest of the developed world, is in the midst of the collapse of an asset bubble fueled, in the main, by excess leverage...

August 6, 2007 | Financial Times

Refocus the Fund

The International Monetary Fund recently took a step towards establishing a more open, merit-based approach to selecting a replacement to Rodrigo de Rato as its managing director, a position hitherto reserved for a European...

June 26, 2007 | Shanghai Daily

China, US face linked economic policy challenges

Until the past two or three years, China's trade surplus was quite modest, under five percent of GDP, while its bilateral surplus with the United States was significantly larger...

June 1, 2007 | Shanghai Daily

Who wins, who loses in the out-of-kilter global game?

The modern globalization debate deals with many important issues: governance, regulation and risk...

March 26, 2007 | Wall Street Journal

Capital Currents

For the past few years, the U.S. has generated insufficient domestic savings to cover its investment needs...

January 24, 2007 | Wall Street Journal

What Drives High Growth Rates?

With China and India growing at high rates, there has been a dramatic increase in the fraction of the world's population experiencing the benefits and challenges of rapid growth...

January 23, 2007 | Wall Street Journal

Why China Grows So Fast

Sustained high growth in developing economies is a recent, post-World War II phenomenon...

January 5, 2007 | Wall Street Journal

We Are All in It Together

In 2005, the People's Bank of China, counterpart of our Federal Reserve, accumulated $200 billion of additional reserves and is well on its way to holding $1 trillion of reserves, passing Japan as the largest holder of reserves in the world...


November 14, 2011 | Great Debate (Reuters)

“Act and learn” versus “debate and wait”

In formulating policy, the process and the mindset can have a significant impact on the success or failure of outcomes. How you do it can be as or more important than what you do...
March 25, 2011 | iMFdirect

Observations on the Evolution of Economic Policies

One gets the impression that the crisis has triggered a response that it should trigger, and we have embarked on a path of rethinking conceptual frameworks...


December 11, 2013 | Bloomberg Television

Michael Spence on Bloomberg Surveillance

Michael Spence of New York University discusses the issues holding back robust economic growth on Bloomberg Television’s “Bloomberg Surveillance.”
December 5, 2013 | Bloomberg Television

Michael Spence on Asia Edge

Dec. 5 (Bloomberg) -- Nobel laureate Michael Spence, a professor at New York University’s Stern School of Business, talks about the U.S. growth outlook and challenges facing the global economy. He speaks with Rishaad Salamat on Bloomberg Television's "Asia Edge." (Source: Bloomberg)
July 19, 2013 | Bloomberg Television

Michael Spence on Bloomberg Surveillance

October 16, 2012 | Big Interview (

Michael Spence on The Big Interview

September 6, 2012 | Surveillance (Bloomberg Television)

Michael Spence on Global Economy, Europe Crisis

June 21, 2012 | Surveillance (Bloomberg Television)

Europe Needs Central Fiscal Structure, Spence Says

Michael Spence, professor of economics at New York University's Stern School of Business, talks about Europe's debt crisis...
June 4, 2012 | Bloomberg Television

Spence: Greece Will Eventually Leave Euro Zone

Michael Spence, winner of the 2001 Nobel Prize in economics, talks about the outlook for the European debt crisis...
May 25, 2012 | City Central (Bloomberg Television)

Nobel Laureate Sees Greece in Euro for 'a While'

Michael Spence, a professor of economics at New York University and winner of the 2001 Nobel Prize in economics, talks about Greece's future in the euro zone. He also discusses the Spanish banking system...
January 25, 2012 | Surveillance Midday (Bloomberg Television)

Nobel Laureate Spence Analyzes European Crisis

Nobel laureate Michael Spence, a professor of economics at New York University, talks about the European debt the World Economic Forum's annual meeting in Davos, Switzerland...
January 25, 2012 | Pulse (Bloomberg Television)

Rules `Choking' Investment in Europe, WPP CEO Says

Martin Sorrell, chief executive officer of WPP Plc, Paul Walsh, CEO of Diageo Plc, and Michael Spence, a 2001 Nobel Prize winner, talk about investing in emerging markets and Western Europe, and the outlook for the U.S. and European economies in 2012...
December 8, 2011 | Last Word (Bloomberg Television)

EU Summit Deadlock `Distressingly Likely'

Michael Spence, Nobel Prize winning economist, talks about the prospects for the European Union leaders' summit starting today...
September 23, 2011 | Daily Ticker (Yahoo! Finance)

Ideaology Has Gotten in the Way of Good Policy

September 22, 2011 | Reuters

U.S. fiscal policy key to recovery, says Nobel economist

NYU Professor and Nobel Laureate Michael Spence says the speed and composition of a U.S. recovery will be determined by Washington and the delicate balance between investment and spending cuts...
September 8, 2011 | Surveillance Midday (Bloomberg Television)

Fed QE, Bond Market, Obama Speech

[Bill Gross] and New York University professor and Nobel laureate Michael Spence speak with Tom Keene on Bloomberg Television's "Surveillance Midday"...
August 30, 2011 | John Batchelor Show

Michael Spence on the John Batchelor Show

GUESTS: John Fund, WSJ; Steve Moore, WSJ; Steven Greenhouse, NYT; Michael Spence, NYU...
August 24, 2011 | Council on Foreign Relations

Reviving U.S. Economic Leadership

Amid fears of another global recession, investors are focused on U.S. policymakers. Restoring confidence in the world's largest economy will require both national sacrifice and innovation--not more Fed intervention, says CFR's A. Michael Spence...
August 2, 2011 | Pulse (Bloomberg Television)

Spence on Italian Debt

Michael Spence, a Nobel Prize-winning economist, talks about the outlook for a political resolution to Italy's debt woes. Spence, speaking from Milan, also discusses the U.S. debt-ceiling debate and the country's credit rating...
July 31, 2011 | Reuters

Nobel economist Michael Spence on U.S. debt talks

Nobel prize-winning economist Michael Spence comments on the ongoing negotiations to raise the U.S. debt ceiling...
July 1, 2011 | Uncommon Knowledge

Economic Growth with Michael Spence: Chapter 5 of 5

Michael Spence argues that the U.S. “won’t be dominant forever"...
June 30, 2011 | Uncommon Knowledge

Economic Growth with Michael Spence: Chapter 4 of 5

Why has India lagged behind China? Michael Spence responds...
June 29, 2011 | Uncommon Knowledge

Economic Growth with Michael Spence: Chapter 3 of 5

What’s behind the amazing emergence of China? Michael Spence responds...
June 28, 2011 | Uncommon Knowledge

Economic Growth with Michael Spence: Chapter 2 of 5

Michael Spence discusses the critical interaction of economics and politics in the developing world...
June 24, 2011 | Wall Street Journal Report (CNBC)

US Not a Giant in the Future Global Economy

Nobel Laureate Michael Spence describes the changing fortune of the United States' economy in the 21st century...
June 27, 2011 | Uncommon Knowledge

Economic Growth with Michael Spence: Chapter 1 of 5

Economist Michael Spence diagrams the emergence of a multispeed world...
June 18, 2011 | John Batchelor Show

Michael Spence on the John Batchelor Show

GUESTS: Michael Spence, Carmen Reinhart, David Rose, & Brooks Barnes, NYT...
June 5, 2011 | Newsweek

Interview with Michael Spence

The Stanford economist talks about American inequality, the Chinese economy, and how to score a Nobel...
May 27, 2011 | Dylan Ratigan Show (MSNBC)

Getting America back to work

Author Michael Spence and panel discuss the sluggish job recovery and how the government can help change it...
May 31, 2011 | Global Public Square (

Q&A on the global economy with Nobel Prize-winning economist Michael Spence

[Amar C. Bakshi] sat down with Spence to get his take on China's economic rise and the future of the global economy...
May 31, 2011 |

Michael Spence on the Two-Speed Global Economy

In an interview with WSJ's Justin Lahart, Nobel Laureate Michael Spence, author of "The Next Convergence," discusses what the world will look like once the world's emerging economies finally catch up with, and in some cases surpass, the United States...
May 27, 2011 | Charlie Rose

Michael Spence on Charlie Rose

Michael Spence author of “The Next Convergence: The Future of Economic Growth in a Multi-Speed World”...
May 23, 2011 | KUOW

Michael Spence on KUOW

KUOW's Steve Scher talks with Michael Spence about economic recovery and what lies on the horizon for the developed and the developing world...
May 16, 2011 | Squawk Box (CNBC)

Bouts of Contagion Ahead?

Michael Spence, NYU Stern School of Business professor, discusses what the Strauss-Kahn arrest means for the European debt crisis...
May 16, 2011 | WNYC

Patterns of Influence

On today’s show: Nobel Prize-winning economist Michael Spence explains what will happen to international politics and the environment if current trends continue...
March 10, 2011 | Surveillance Midday (Bloomberg Television)

NYU's Spence Discusses European Debt Crisis, U.S. Growth

Michael Spence, Nobel laureate and professor of economics at New York University's Stern School of Business, talks about the European debt crisis and the outlook for U.S. growth, productivity and employment...
November 17, 2010 | Economist Online

Michael Spence on the world economy

A Nobel laureate on how major emerging economies are pulling the others along and why the rich world needs to make sacrifices...
November 17, 2010 | CNBC - Squawk Box

Nobel Thoughts on Economy

Discussing whether there is hope for a stronger economy, with Mike Spence, 2001 Nobel Laureate- economics...
October 27, 2010 | Reuters

Lessons from Beijing

Following her chat with Glenn Hutchins at the Quebec City Conference about how globalization is changing corporate strategy, Chrystia interviewed NYU Economics Professor A. Michael Spence about how globalization is bringing about structural change in the world’s leading economies...
October 7, 2010 | CNBC - Squawk Box

America's New Growth Strategy

Insight on the U.S. economy, with Mike Spence, 2001 Nobel Laureate- Economics...
August 23, 2010 | Christian Science Monitor

China's resilience is an economic gut check for America

Nobel Laureate Michael Spence talks about lessons from China, austerity vs. stimulus, long-term investment in a politically divided democracy, and prospects for economic growth...
April 30, 2010 | Bloomberg Television

Oak Hill's Spence Says EU Needs Economic Integration

Michael Spence, co-winner of the Nobel Prize in economics in 2001 and a partner at Oak Hill Venture Partners, talks with Bloomberg's Andrea Catherwood about lessons to be learnt from the Greek debt crisis...

January 25, 2010 | EconTalk

Spence on Growth

Nobel Laureate Michael Spence of Stanford University's Hoover Institution and the Commission on Growth and Development talks with EconTalk host Russ Roberts about the determinants of economic growth. . . .

Other Media

March 19, 2009 | CNBC

Nobel Laureate on the Right Issues

Washington should start focusing on the right issues, says Michael Spence, 2001 Nobel Laureate in economics/Stanford University Emeritus professor...

May 29, 2008 | Foreign Policy

Seven Questions: How Countries Get Rich

Why do some countries succeed when others struggle?...