- Markets
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- Nov 07, 2020
Michael Spence Quotes
Most Famous Michael Spence Quotes of All Time!
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- Last Updated on May 30, 2021
- Long
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- Nov 07, 2020
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.
- Government
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- Nov 07, 2020
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.
- Life
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- Nov 07, 2020
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.
- More
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- Nov 07, 2020
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.
- Design
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- Nov 07, 2020
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.
- Better Way
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- Nov 07, 2020
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.
- Feel
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- Nov 07, 2020
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.
- Globalization
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- Nov 07, 2020
Globalization has redefined the competition for employment and incomes in the United States. Tradeoffs will have to be made between the two.
- Feel
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- Nov 07, 2020
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.
- Feel
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- Nov 07, 2020
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.
- Early Work
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- Nov 07, 2020
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.
- Change
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- Nov 07, 2020
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.
- He
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- Nov 07, 2020
Whatever advantage Trump thinks he will gain by positioning the U.S. in opposition to its natural allies will be dwarfed by the losses.
- Balance Of Power
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- Nov 07, 2020
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.
- Forecasts
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- Nov 07, 2020
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.
- Growth
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- Nov 07, 2020
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.
- Digital
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- Nov 07, 2020
All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.
- Down
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- Nov 07, 2020
Actions aimed at supporting deleveraging and balance-sheet repair - such as recognizing losses, writing down assets, and recapitalizing banks - carry longer-term benefits but short-term costs.
- First
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- Nov 07, 2020
Robotics has already made significant inroads in electronics assembly, with sewing trades - traditionally many countries' first entry point to the global trading system - likely to come next.
- Excess
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- Nov 07, 2020
In economies with excess productive capacity, targeted investment can yield a double benefit, generating short-run demand and boosting growth and productivity thereafter.
- Creating
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- Nov 07, 2020
China's continued growth and rising household income are creating opportunities for lower-income economies in low-cost manufacturing.
- Future
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- Nov 07, 2020
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
- Enough
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- Nov 07, 2020
A global economy that is levering up, while unable to generate enough aggregate demand to achieve potential growth, is on a risky path.
- Financial
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- Nov 07, 2020
There is no question that the recovery from the global recession triggered by the 2008 financial crisis has been unusually lengthy and anemic.
- Never
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- Nov 07, 2020
Monetary policy should never have been expected to shift economies to a sustainably higher growth trajectory by itself.
- High
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- Nov 07, 2020
For highly indebted governments, low interest rates are critical to keep debt levels sustainable and ease pressure to restructure debt and recapitalize banks. The shift to a high sovereign-debt-yield equilibrium would make it impossible to achieve fiscal balance.
- Important
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- Nov 07, 2020
Next to my family, it seems clear to me that the educational institutions and the teachers from whom I had the privilege of learning were especially important.
- Process
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- Nov 07, 2020
Productivity gains are vital to long-term growth because they typically translate into higher incomes, in turn boosting demand. That process takes time, of course - especially if, say, the initial recipients of increased income already have a high savings rate.
- Growth
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- Nov 07, 2020