Michael Spence Quotes

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Globalization is the process by which markets integrate worldwide.

My father once said about being a parent that it is the only thing you do that requires a very long period of learning, and at about the time that you are becoming competent, you don't need the skills anymore....

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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.

The research side of academic life is often viewed from the outside as a solo and, at times, lonely activity. In fact, it is quite the opposite: a communal activity in significant part where interaction and interchange generate ideas and...

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...

Digitally enabled supply chains initially increased efficiency and dramatically shortened lead times. Capital was mobile; labor, less so. Economic activity (production, research, design, etc.) moved to any accessible country or region that had relatively inexpensive labor and human capital.

One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the...

Although everyone does benefit from lower-priced goods and services, people also care greatly about the chance to be productively employed and the quality of their work. Declining employment opportunities feel real and immediate; the rise in real incomes brought by...

Globalization has redefined the competition for employment and incomes in the United States. Tradeoffs will have to be made between the two.

We tend to think that employment is employment, and we don't ask the question: is this rewarding employment? Research establishes pretty clearly that typical notions of happiness - that more is better - really don't correspond to the way people...

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...

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...

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...

With external help, even the countries ravaged by World War II recovered.

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.

Whatever advantage Trump thinks he will gain by positioning the U.S. in opposition to its natural allies will be dwarfed by the losses.

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...

For physical goods, there are costs associated with logistics and lead times, owing to inventories and poor forecasts of the market. With digital capital-intensive technology, however, production will inevitably move toward the final market, wherever it is. This re-localization constitutes...

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.

All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.

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