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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. strain27_Philipp von Ditfurthpicture alliance via Getty Images_AIeducation Philipp von Ditfurth/picture alliance via Getty Images

    What the AI Pessimists Are Missing

    Michael R. Strain points out that the technology will help to address many of the risks it creates.
  2. ito37_Spencer PlattGetty Images_columbiaprotests Spencer Platt/Getty Images

    The Innocent Bystanders of College Protests

    Takatoshi Ito laments that a radical minority can disrupt the lives of so many in the broader university community.
  3. lacamera1_Wang DongzhenXinhua via Getty Images_COP28 Wang Dongzhen/Xinhua via Getty Images

    Only Public-Private Cooperation Can Accelerate Decarbonization

    Francesco La Camera & Bruce Douglas explain how to translate political commitments into actual wind turbines and solar panels.
  4. haass167_ANATOLII STEPANOVAFP via Getty Images_ukrainesoldiers Anatolii Stepanov/AFP via Getty Images

    Defining Success in Ukraine

    Richard Haass

    Jake Sullivan, the US National Security Adviser, has expressed the view that 2025 could be the time for Ukraine to once again mount a counter-offensive against Russian troops. Given the strategic math, that would be a serious mistake.

    calls for a shift to a defensive posture and efforts to bring about a long-term ceasefire.
  5. aslund75_Pierre CromGetty Images_ukraineconflict Pierre Crom/Getty Images

    A Unified Western Strategy for Ukraine

    Anders Åslund proposes a maximalist approach to military aid to replace the current piecemeal injections of old weapons.
  6. khrushcheva180_ContributorGetty Images_shoiguputin Contributor/Getty Images

    Russia’s Battle of the Ministries

    Nina L. Khrushcheva sees a high-ranking official's recent arrest as a sign of declining confidence in Vladimir Putin's leadership.
  7. ghosh77_MANDEL NGANAFP via Getty Images_ajaybanga Mandel Ngan/AFP via Getty Images

    The “Billions to Trillions” Charade

    Jayati Ghosh

    Multilateral development banks and international financial institutions argue that mobilizing private investment is crucial to meeting developing economies’ needs for climate and development finance. But boosting government revenues is far more likely to generate the trillions of dollars needed to close these financing gaps.

    explains why using development banks' resources to incentivize private-sector finance is unlikely to succeed.
  8. aljasser1_SEYLLOUAFP via Getty Images_dakarairport Seyllou/AFP via Getty Images

    Leveraging Islamic Finance for Sustainable and Resilient Infrastructure

    Muhammad Al Jasser shows how a hybrid financing model could help fund desperately needed projects in the developing world.
  9. GettyImages-1357300450

    Adekeye Adebajo on the Non-Aligned Movement, United Nations peacekeeping, African institution-building, and more

    Adekeye Adebajo argues that Israel’s war in Gaza is accelerating the trend toward global apartheid, highlights the strengths and weaknesses of United Nations peacekeeping missions, criticizes the militarization of US engagement with Africa, and more.

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