Michael Spence

Senior Fellow
Awards and Honors:
American Academy of Arts and Sciences
Econometric Society (elected fellow)
Biography: 

Michael Spence is a senior fellow at the Hoover Institution, a professor of economics at the Stern School at New York University, and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University.

Spence’s latest publication is The Next Convergence: The Future of Economic Growth in a Multispeed World (2011).

He served as the chairman of the independent Commission on Growth and Development (2006–10).

He was awarded the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal from the American Economic Association in 1981. He was awarded the David A. Wells Prize for the outstanding doctoral dissertation at Harvard University and the John Kenneth Galbraith Prize for excellence in teaching.

He served as the Philip H. Knight Professor and dean of the Stanford Business School (1990–99). As dean, he oversaw the finances, organization, and educational policies of the school. He taught at Stanford as an associate professor of economics from 1973 to 1975.

He served as a professor of economics and business administration at Harvard University (1975–90). In 1983, he was named chairman of the Economics Department and the George Gund Professor of Economics and Business Administration. Spence also served as the dean of the Faculty of Arts and Sciences at Harvard (1984–90), overseeing Harvard College, the Graduate School of Arts and Sciences, and the Division of Continuing Education.

From 1977 to 1979, he was a member of the Economics Advisory Panel of the National Science Foundation and in 1979 served as a member of the Sloan Foundation Economics Advisory Committee. He has served as a member of the editorial boards of the American Economics Review, Bell Journal of Economics, and Journal of Economic Theory.

Spence is a member of the boards of directors for General Mills and a number of private companies. He was chairman of the National Research Council Board on Science, Technology and Economic Policy (1991–97).

He is a member of the American Economic Association and a fellow of the American Academy of Arts and Sciences and the Econometric Society.

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Recent Commentary

Economics Abstract
Featured Commentary

Letting China’s Bubble Burst

by Michael Spencevia Project Syndicate
Wednesday, July 29, 2015

The problems with China’s economic-growth pattern have become well known in recent years, with the Chinese stock-market’s recent free-fall bringing them into sharper focus.

Featured Commentary

China’s International Growth Agenda

by Michael Spencevia Project Syndicate
Wednesday, June 17, 2015

For most of the past 35 years, China’s policymakers have set their focus on the domestic economy, with reforms designed to allow the market to provide efficiency and accurate price signals. Though they had to be increasingly aware of their country’s growing impact on the global economy, they had no strategy to ensure that China’s neighbors gained from its economic transformation.

Featured Commentary

A World Of Underinvestment

by Michael Spencevia Project Syndicate
Wednesday, May 20, 2015


When World War II ended 70 years ago, much of the world – including industrialized Europe, Japan, and other countries that had been occupied – was left geopolitically riven and burdened by heavy sovereign debt, with many major economies in ruins. One might have expected a long period of limited international cooperation, slow growth, high unemployment, and extreme privation, owing to countries’ limited capacity to finance their huge investment needs. But that is not what happened.
 

Wuhan, China
Featured Commentary

China’s Slowing New Normal

by Michael Spencevia Project Syndicate
Tuesday, April 28, 2015


The world’s two largest economies, the United States and China, seem to be enduring secular slowdowns. But there remains considerable uncertainty about their growth trajectory, with significant implications for asset prices, risk, and economic policy.
 

Featured Commentary

Are Equities Overvalued?

by Michael Spencevia Project Syndicate
Thursday, March 26, 2015
Since the global economic crisis, sharp divergences in economic performance have contributed to considerable stock-market volatility. Now, equity prices are reaching relatively high levels by conventional measures – and investors are starting to get nervous.
Featured Commentary

Minimal Financial Reforms Can Lead To Poor Economic Performance

by Michael Spencevia World Finance
Monday, March 9, 2015
At a time of lacklustre economic growth, countries around the world are attempting to devise and implement strategies to spur and sustain recovery. Multiple objectives should be pursued to avoid half-baked results.
Gold Globe
Featured Commentary

Why Public Investment?

by Michael Spencevia Project Syndicate
Friday, February 20, 2015
MILAN – The world is facing the prospect of an extended period of weak economic growth. But risk is not fate: The best way to avoid such an outcome is to figure out how to channel large pools of savings into productivity-enhancing public-sector investment.
Euro Zone
Featured Commentary

European Recovery Calls For Comprehensive Plan

by Michael Spencevia Global Times
Sunday, February 1, 2015

At a time of lackluster economic growth, countries around the world are attempting to devise and implement strategies to spur and sustain recovery. The key word is strategy: to succeed, policymakers must ensure that measures to open the economy, boost public investment, enhance macroeconomic stability and increase reliance on markets and incentives for resource allocation are implemented in reasonably complete packages.

China Entrepreneur Club / Creative Commons

Not all Inequality Is Equal

by Michael Spencevia Hoover Digest
Wednesday, January 28, 2015

Inequality does not equal stagnation. Even as differences in income grow, entire nations may benefit.

Featured Commentary

Half-a-Loaf Growth

by Michael Spencevia Project Syndicate
Tuesday, January 20, 2015

At a time of lackluster economic growth, countries around the world are attempting to devise and implement strategies to spur and sustain recovery. The key word is strategy: to succeed, policymakers must ensure that measures to open the economy, boost public investment, enhance macroeconomic stability, and increase reliance on markets and incentives for resource allocation are implemented in reasonably complete packages.

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