Newsweek - Interview with Michael Spence E-mail
Sunday, 05 June 2011 01:08

The Stanford economist and author of "The Next Convergence" talks to Newsweek’s R. M. Schneiderman about American inequality, the Chinese economy, and how to score a Nobel.

 

How sustainable is the economic growth were seeing in China and India?

We don’t have any examples of advanced countries growing at 7 percent for an extended period of time. So China will slow down, but it can probably keep this up for at least another decade. India is about 13 years behind China.

What are some of the global challenges posed by this rapid growth?

China and India represent almost 40 percent of the world’s population. When they finish this process, they will be economic giants. The world will have a global GDP of three to four times of the one we have now. This will put an awful lot of pressure on natural resources and the environment.

Is this battle for resources a zero-sum game?

No, unless you assume that technology is stagnant. The high prices are part of the solution as well as part of the problem. To have a future that works, we’re going to have to live with considerably higher energy efficiencies. High prices create pretty big incentives, especially if they stay relatively high. There are a lot of alternative energies that become economic with $60 to $70 barrels of oil.

Who will lead the charge on energy efficiency?

Asia, I would guess, because it is in their direct self-interest.

Whats the biggest problem facing the U.S.?

Getting our fiscal house in order and restoring some civility to that process. Then a pattern of underinvestment, especially in the public sector.

Is our tax structure getting in the way?

It’s a major problem. We have a tax system that is like Swiss cheese: there are loopholes of all kinds. And it could create stronger incentives for domestic investment.

Are we too focused on economic growth, rather than, say, happiness?

I think there’s been an overemphasis on growth. 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.

Any advice on how to win a Nobel Prize?

There’s no way to win it in the active sense; you sort of end up receiving it if you’re lucky. It’s not a reasonable goal in life.

 

 

 



T
AKE AWAY - Michael Spence thinks there is a 50/50 percent chance of the global economy slipping into another recession.
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BLOOMBERG BUSINESSWEEK
- 'Europe may require a $2 Trillion Fund to fight it's debt crises' says Michael Spence.
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 WNYC - Leonard Lopate in conversation with Michael Spence and Matthew Bishop (NY Bureau Chief, The Economist) discuss the future of economic growth.
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FINANCIAL TIMES - Future of America Conference debate features Michael Spence.
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CNBC SQUAWKBOX - Insight on the negative aspects of globalization with Michael Spence and Glenn Hutchins. They discuss why globalization has not been good for the U.S. economy.
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YAHOO! – 'U.S. Destined for Slow Growth But Not Recession.' Interview with Michael Spence and Aaron Trask.
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YAHOO! - 'Important policy issues are being held hostage to other things.' Interview with Michael Spence and Aaron Trask.
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THE ECONOMIST
- Matt Bishop explains 'The Great Mismatch'; Spence's employment findings.
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MARKETPLACE
- Kai Ryssdal sits down with Michael Spence and two other economists to talk about their ideas on jobs.
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BLOOMBERG
- Tom Keene and Michael Spence on 'Surveillance Midday'
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THE NEW YORK TIMES
- Romney's plan 'a stretch' says Michael Spence.
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BLOOMBERG
- Fed could focus more on housing sector
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BLOOMBERG
- There is a significant risk of a downturn in Europe or America.
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THE FINANCIAL TIMES
- 'A Coherent Voice for Asia?'
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THE NEW YORK TIMES
- 'Economic Research Institute Created in Hong Kong'
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Michael Spence and Christopher Alessi
COUNCIL ON FOREIGN RELATIONS - 'Reviving U.S. Economic Leadership' An interview with Michael Spence by Christopher Alessi.
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Michael Spence and Ezra Klein
WASHINGTON POST - Ezra Klein Q&A with Michael Spence, 'I don't think there's a solution to the employment problem in the short run'
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BLOOMBERG - Michael Spence talks about the outlook for a political resolution to Italy's debt woes. Spence also discusses the U.S. debt-ceiling debate and the country's credit rating with Maryam Nemazee on "The Pulse."
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REUTERS - Nobel prize-winning economist Michael Spence comments on the ongoing negotiations to raise the U.S. debt ceiling.
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THE ECONOMIST - "America the Sclerotic"
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HUFFINGTON POST / JEFF MADRICK - "Impact of Job Numbers Goes Far Beyond the Jobless"
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ON POINT WITH TOM ASHBROOK - Are we in danger of slipping back into another global financial crisis, one even more dangerous than the one that scared us so in two thousand eight?
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CNBC WITH MARIA BARTIROMO "US not a giant in the future global economy" Michael Spence describes the changing fortune of the United States' economy in the 21st century.
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FOX BULLS & BEARS
"How can the debt be reined in while boosting the economy?"
2001 Nobel Prize Winner in Economics Michael Spence on why Republicans and Democrats need to find a compromise on the debt for the benefit of the economy.
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CNBC SQUAWK BOX
"Greece Cannot Avoid Default"
There is no way Greece can avoid a default, says Michael Spence, Nobel laureate, with Mark Olson, former Federal Reserve governor.
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CNBC SQUAWK BOX
"Economy Jobs Disconnect"
Michael Spence talks about current and future job creation.
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FOX BUSINESS/LOU DOBBS
"Resolving Greece's Debt Crises". Nobel Prize-winning Economist Michael Spence on why Greece can’t solve its debt crisis on its own without a default or restructuring.
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WABC RADIO -
John Batchelor and Michael Spence, Nobel laureate and author of "The Next Convergence" discuss globalization and the permanent changes it has on the global marketplace.

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CNBC SQUAWK BOX -
"Market Risk and the Economy" 

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PROJECT SYNDICATE -
Nobel laureate and Project Syndicate contributor, Michael Spence discusses global economic growth in a "multispeed" world and the challenges ahead for countries like the U.S. and China.

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TIME - What U.S. Recovery? Michael Spence weighs in on Myth #3.

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Conversations host Harry Kreisler welcomes Nobel Laureate Michael Spence for a discussion of his new book, "The Next Convergence.

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REUTERS - "Why do we want our economy to grow?" -  In "The Next Convergence" Michael Spence asks this simple yet evocative question.

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NEWSWEEK - The Stanford economist and author of "The Next Convergence" talks to Newsweek’s R. M. Schneiderman about American inequality, the Chinese economy, and how to score a Nobel.

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INSTITUTIONAL INVESTER - Nobel Prize–winning economist Michael Spence warns that the era of discount money is coming to a jarring conclusion.

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CNN - China's economic rise and the future of the global economy.

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CNN - Michael Spence examines how emerging economies are reshaping the international order.

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Google Authors - Nobel Prize-winning economist Michael Spence spoke to Googlers in Mountain View about his book "The Next Convergence."

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MSNBC - Dylan Ratigan Show: Getting America Back to Work - Michael Spence and panel discuss the sluggish job recovery and how the government can help change it.

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The New York Times - "French Minister to Seek Top I.M.F. Job"

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KUOW.ORG - "While the Economy May Recover, the Job Market Will Not"

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Bloomberg TV - Michael Spence on IMF Leadership, Greece's Default Risk.

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Author, Michael Spence at "Politics and Prose" discussing his new book,"The Next Convergence", as well as the rapid growth rates in China and India.

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Yahoo! Finance - "U.S. May Have to Live with Slow Employment Growth"

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Yahoo! Finance - "Why Globalization is Good for America"

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Yahoo! Finance - "Europe's Downward Spiral: Portugal Gets Bailout But Greek Default Unavaoidable"

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Carnegie Council - Public Affairs Program: Michael Spence addresses critical economic questions.

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Council on Foreign Relations's Michael Spence discusses his new book, "The Next Convergence: The Future of Economic Growth in a Multispeed World," as well as the rapid growth rates in India and China.

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CNBC Squawk Box - Michael Spence discusses what the Strauss-Kahn arrest means for the European debt crisis;
weighs in on Europe and America's two different yet similar fiscal problems.

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Michael Spence

WNYC - Michael Spence and Leonard Lopate discuss his new book "The Next Convergence."

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Michael Spence talks about his new book with Ron Insana

Michael Spence joins Ron Insana to discuss his new book "The Next Convergence."

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