As a Canadian-born American citizen who has lived in the US, Asia and Europe, he’s trotting the globe like no other.
He was also a very good athlete and we spent a lot of time playing basketball, football, hockey, just about anything.My mother was the only child of my grandparents, who lived in Minnesota at the time of her birth and later moved to Winnipeg.
The Nobel Prize in Economics A. Michael Spence (b.
How can we produce rapid and sustainable growth?
My grandfather was an engineer with the Canadian Pacific Railway.
I think I inherited from her a kind of tenacity (sometimes referred to as stubbornness) that served me well.
There have to be channels where all that comes in and then they use the global economy’s huge marketplace."
He is currently the chairman of an independent Commission on Growth and Development.
In l983, he was named chairman of the Economics Department and George Gund Professor of Economics and Business Administration.
Michael Spence is an economist who won the Nobel Prize in 2001 for his theory of market signaling.
More than once I had the experience of having him tell me the answer to some complex market problem, my not completely understanding the answer, going away for a couple of weeks to try to capture it in a model, and deciding after that effort that he was right in the first place.It is not uncommon for graduate students to be encouraged to pick something relatively safe or at least manageable as a thesis topic.
"That scenario can then lead to a significant price drop and an exodus of people at the top of the quality spectrum.
While trying to find the magic formula for rapid growth in these countries, Spence says the answer is pretty simple and that there are two crucial factors.
Prize motivation: "for their analyses of markets with asymmetric information." Fifteen laureates were awarded in 2019, for achievements that have conferred the greatest benefit to humankind. "Portugal, Spain, Italy and, above all, Greece are the countries that went sailing into oblivion, as he describes it.
He received the John Bates Clark Medal of the American Economic Association awarded to economists under 40.
Spence discusses his intellectual odyssey focusing on his Nobel … Affiliation at the time of the award: Stanford University, Stanford, CA, USA