Michael Spence


Served as the Chairman of an Independent Commission on Growth in Developing Countries (2006-2010) He was Professor Emeritus of Management and former Dean (1990-1999) in the Graduate School of Business at Stanford University, Senior Fellow of the Hoover Institution at Stanford In 2001, Spence received the Nobel Prize in Economic Sciences. He is the author of the book, “The Next Convergence: The Future of Economic Growth in a Multispeed World,” Ferrar, Straus and Giroux, May 2011.

He is the chairman of the academic council of the Fung Global Institute. Spence serves on the boards of Genpact and Mercadolibre, and a number of private companies. He is a member of the board of the Stanford Management Company, and the International Chamber of Commerce Research Foundation. He is a Senior Advisor to Oak Hill Investment Management and a consultant to PIMCO. Spence was awarded the John Kenneth Galbraith Prize for excellence in teaching and the John Bates Clark medal for a “significant contribution to economic thought and knowledge.” From 1984 to 1990, Spence served as the Dean of the Faculty of Arts and Sciences at Harvard. Spence holds a BA in philosophy from Princeton University (1966), a BA/MA in mathematics from Oxford University (1968), and a PhD in Economics from Harvard University (1972).

By this expert

Escaping the New Normal of Weak Growth

Article | Oct 7, 2016

Eight years after the crisis erupted, what the global economy is experiencing is starting to look less like a slow recovery than like a new low-growth equilibrium. With monetary policy unable to stimulate demand, or even inflation, it’s time for fiscal authorities to relieve the burden on central banks.

Meeting New Challenges in China

Article | Mar 27, 2013

Further system reforms will enable China to overcome middle-income trap and push forward social progress

Featuring this expert

A Plan to Fix a Fractured World

Podcasts Oct 12, 2023

Mike Spence talks with Rob Johnson about his upcoming co-authored book “Permacrisis”, India and the G20, and bringing the world together to address our shared challenges.

Rob Johnson and other commissioners sign a public letter on the importance of coming together to fight climate change

News Jun 8, 2021

“Overcoming the COVID-19 crisis and ensuring a rapid and equitable economic recovery are only two of the challenges we must meet in 2021. This year will also be a crucial one for achieving the goal of net-zero carbon dioxide emissions by mid-century.” — Project Syndicate

Rob and Spence’s session at the Trento Festival is quoted in L’Adigetto

News Jun 7, 2021

“What is the real meaning of the return of the state in a world that after the pandemic starts a boom in the technology sector with the advantages and risks that this entails? The response of the Nobel laureate in economics Michael Spence during the discussion with Robert Johnson, president of Inet (Institute for New Economic Thinking) was clear: “I believe that the return of the Statto means many things. The state is very important for social protection, to remedy the failures of the market. There will be changes in the models of globalization but people think about the state and not about globalization. And the state must be able to respond to citizens’ expectations.” And in the face of what Johnson called “growing political despair” ( even as Biden has made progress in restoring confidence in citizens after the inequalities caused by the pandemic ), a new political class is needed.” -L’Adigetto

INET at the Trento Economics Festival

The Return of the State: Businesses, Communities, Institutions

Event Conference | Jun 3–6, 2021

Watch INET at the Trento Economics Festival online