Phrase by 'Michael Spence'
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Globalization is the process by which markets integrate worldwide.
Author: Michael Spence - American EconomistProcess , Which , Globalization , Markets
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. Notwithstanding this modest assessment of their parenting skills, they were wonderful parents.
Author: Michael Spence - American EconomistTime , Father , Learning , Parenting
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.
Author: Michael Spence - American EconomistTime , Society , Business , Government
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.
Author: Michael Spence - American EconomistOwn , Will , Change , Investment
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 China's favor, as it moves steadily toward becoming the world's largest economy.
Author: Michael Spence - American EconomistNew , World , Power , Balance
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 critiques of them.
Author: Michael Spence - American EconomistIdeas , Life , Research , Lonely
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 it even more gratifying.
Author: Michael Spence - American EconomistHonor , Work , Memory , Unexpected
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.
Author: Michael Spence - American EconomistResearch , Country , Design , Efficiency
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 goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes.
Author: Michael Spence - American EconomistEnergy , Value , Better , Way
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 lower prices does not.
Author: Michael Spence - American EconomistPeople , Work , Feel , Quality
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