Phrase by 'Michael Spence'
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Globalization has redefined the competition for employment and incomes in the United States. Tradeoffs will have to be made between the two.
Author: Michael Spence - American EconomistTwo , Will , Competition , Globalization
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 think and feel.
Author: Michael Spence - American EconomistPeople , Feel , Research , Happiness
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 went to college, that I would try to be a scholar and teacher, but I didn't know which field.
Author: Michael Spence - American EconomistTime , Man , Father , Teacher
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 feel. So I picked it, and I consciously thought of it as an experiment to see if I liked it. And it worked.
Author: Michael Spence - American EconomistYou , Time , Feel , Nice
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 a subject at the time.
Author: Michael Spence - American EconomistTime , Work , Early , Prize
With external help, even the countries ravaged by World War II recovered.
Author: Michael Spence - American EconomistHelp , World , War , World War II
Whatever advantage Trump thinks he will gain by positioning the U.S. in opposition to its natural allies will be dwarfed by the losses.
Author: Michael Spence - American EconomistWill , Whatever , Natural , Opposition
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 a major shift in the structure of global supply networks.
Author: Michael Spence - American EconomistWill , Poor , Technology , Digital
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.
Author: Michael Spence - American EconomistWay , Important , Matter , Growth
All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.
Author: Michael Spence - American EconomistNeed , Will , Digital , Growth
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