Michael Spence

How is market signaling tied to economic growth, and what will the introduction of AI do to the wave of economic development in the US and abroad? Will other surging economies surpass the United States as dynamics continue to change? Michael Spence is a senior fellow at the Hoover Institute at Stanford University, also the author of a number of books, including The Next Convergence: The Future of Economic Growth in a Multispeed World and most recently, Permacrisis: A Plan to Fix a Fractured World . Greg and Michael discuss Michael’s ideas on economic growth and signaling, exploring the early days of applied micro theory with key figures like Ken Arrow and Tom Schelling. They also cover the evolution of global economic policy, particularly the challenges and opportunities in an increasingly fragmented world. Michael shares insights from his books and emphasizes the importance of cognitive diversity in understanding and addressing global socio-economic issues. *unSILOed Podcast is produced by University FM.* Show Links: Recommended Resources: Kenneth Arrow Richard Zeckhauser Thomas Schelling The Market for Lemons Pooling Equilibrium John Maynard Smith Erving Goffman Edward Lazear Washington Consensus Report: EU competitiveness: Looking ahead Guest Profile: Professional Profile at the Hoover Institution Profile for the Council on Foreign Relations Nobel Prize Profile Wikipedia Page His Work: Permacrisis: A Plan to Fix a Fractured World The Next Convergence: The Future of Economic Growth in a Multispeed World Episode Quotes: The scarcity of time as a signal 18:56: It turns out time is an incredibly important signal. In just an ordinary interaction, if somebody's willing to spend time with you, we always take this for granted because it's part of

In Permacrisis: A Plan to Fix a Fractured World , Mohamed El-Erian and Michael Spence, along with their coauthors, Gordon Brown and Reid Lidow, consider how we’ve arrived at this state of constant instability and insecurity—and suggest concrete ways to break the cycle. Mohamed El-Erian , president of Queens’ College Cambridge University, was previously the chair of President Obama’s Global Development Council, a Deputy Director at the International Monetary Fund, and CEO and co-CIO of PIMCO. Michael Spence , a senior fellow at the Hoover Institution and the Philip H. Knight Professor and dean, emeritus, at Stanford Graduate School of Business, was awarded the 2001 Nobel Memorial Prize in Economic Sciences. Together with Martin Reeves, the Chairman of the BCG Henderson Institute, El-Erian and Spence discuss new approaches to thinking about growth, economic management, and managing a global order, as well as how leaders could unlock the full potential of technologies that could drive growth, and ensure that the benefits of technological advancements, like AI, are widely distributed to avoid exacerbating national tensions. Key topics discussed: 01:59 | Defining permacrisis 08:58 | The essence of how we need to think differently about growth and value 10:32 | Unlocking the full potential of technologies that could drive growth 14:09 | How to ensure that the benefits of technological advancements, like AI, are widely distributed to avoid exacerbating national tensions 19:40 | Anticipating or managing similar crises (COVID-19) in the future 25:15 | Reforming multilateral institutions

How much impact did the Covid-19 pandemic and the Russian invasion of Ukraine have on the global economy? How will technology change sectors like health or education? What is causing the slowdown in economic growth around the world? How worried should we be about inflation? To answer these questions, Pedro Pinto interviews Michael Spence in this episode of “It’s Not That Simple”, a podcast by the Francisco Manuel dos Santos Foundation. A Nobel Laureate in Economic Sciences, Michael Spence is the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, a Senior Fellow of the Hoover Institution at Stanford, and a Distinguished Visiting Fellow of the Council on Foreign Relations. He is an Adjunct Professor at Bocconi University in Milan, and an Honorary Fellow of Magdalen College, Oxford University. Spence is a Senior Advisor to Jasper Ridge Partners and a Senior Advisor to General Atlantic Partners. He co-chairs (with Dr. Victor Fung) the Advisory Council of the Asia Global Institute and was the Chairman of The Independent Commission on Growth and Development (2006-2010). In this episode, Spence discusses how congestion in global supply chains contributed to rising inflation, and what central banks can do to try to keep it under control. He also examines the role of the United States and China in the global economy, and how they can increase productivity growth. Spence also addresses how the labour market has changed and will continue to change because of the Covid-19 pandemic and technology. Finally, Spence considers the impact “digital nomads” coming to live in Portugal while working remotely have on the local housing market, and how the country can balance the benefits of attracting dynamic foreign entrepreneurs with the ability to ensure that the local population isn’t “priced out” of its own cities. More on this topic • The Next Convergence: The Future of Economic Growth in a Multispeed World, Michael Spence, 2011 • Michael Spence’s Nobel Prize Lecture , 2001 • Michael Spence (with James Manyika) on the post-Covid-19 global economy • Michael Spence’s op-ed pieces on Project Syndicate • “Globalization and Technology” , a debate hosted by the Francisco Manuel dos Santos Foundation Other references in Portuguese • “O Mercado Imobiliário em Portugal” , a study by Paulo M. M. Rordrigues for the Francisco Manuel dos Santos Foundation • “Um novo normal? Impactos e lições de dois anos de pandemia em Portugal” , a study by Nuno Monteiro and Carlos Jalali for the Francisco Manuel dos Santos Foundation • Podcast Da Capa à Contracapa, “A digitalização da vida” with José Tribolet and João Mota Lopes

In this episode of the McKinsey Global Institute’s Forward Thinking podcast, co-host Janet Bush speaks with distinguished economist Michael Spence. He is professor of economics and dean emeritus at the Stanford Graduate School of Business, senior fellow at the Hoover Institution at Stanford, senior professor at SDA Bocconi, and Nobel laureate in Economic Sciences, 2001. Spence reflects on some of the major shifts and challenges ahead, from rolling out vaccine programs in lower-income economies to tackling climate change. He answers questions like: ● Is the current fragility in supply chains a sign that something more fundamental is happening that could affect the course of globalization? ● Will new ways of working that emerged during the pandemic persist and, if so, what are the broader economic implications? ● Are you even more worried about rising inequality now than before the pandemic? ● Are you optimistic or pessimistic about COP26, the UN Climate Change Conference? ● Can you see a silver lining to this pandemic? This conversation was recorded in September 2021. To read a transcript of this episode, visit: https://mck.co/MichaelSpence Follow @McKinsey_MGI on Twitter and the McKinsey Global Institute on LinkedIn for more. See www.mckinsey.com/privacy-policy for privacy information