Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University who was awarded the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal from the American Economic Association, discusses, with CNBC’s Maria Bartiromo, the changing fortune of the US economy in the twenty-first century.

A fellow at the Hoover Institution and a professor of economics at New York University Stern School of Business, Michael Spence won the Nobel Prize in Economic Sciences in 2001. His latest book is The Next Convergence: The Future of Economic Growth in a Multi-Speed World.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, discusses his “biggest worry,” which is that the United States economy will be anemic for years and unemployment will remain high. He does not, however, advocate any additional stimulus from the government or the Federal Reserve.

John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, explains how restoring sound fiscal policy will allow for more private sector growth in regards to the economic recovery process.