Results for “Michael Spence”

In the advanced countries, it is a very challenging time for people in the middle-income and middle-education range. They are being subjected to greater competition from labour saving technology.

Nobel Prize-winning economist; Stanford provost and NYU president

If very damaging, asymmetries can destroy markets- causing them to unwind from the top- this is the adverse selection problem. People with high quality products remove them from the market due to the price being an average… the quality drops, then the price drops again.. and you end up with a cycle.

Nobel Prize-winning economist; Stanford provost and NYU president

There are cultures in which a young man, to signal his interest in a woman, would camp outside her house for any number of days. The ones who aren't really interested say, '...to hell with it, it's not worth it!' – In this sense, signalling screens people out.

Nobel Prize-winning economist; Stanford provost and NYU president

There are two basic underlying reasons economies slow down. Firstly dysfunctional politics and secondly economic mistakes.

Nobel Prize-winning economist; Stanford provost and NYU president

I grew up in Canada and have a lot of friends in Argentina. In the early part of the 20th Century, Argentina was wealthier and had a higher per-capita income than Canada. The country had severe governance issues which impacted economic and social development.

Nobel Prize-winning economist; Stanford provost and NYU president

At the end of this century 40-50 years from now, the proportion of our world's population who live in the developing world will have gone from 15%, 200 years ago, to over 85% – we'll be left with a very different planet.

Nobel Prize-winning economist; Stanford provost and NYU president

I grew up in Canada and have a lot of friends in Argentina. In the early part of the 20th Century, Argentina was wealthier and had a higher per-capita income than Canada. The country had severe governance issues which impacted economic and social development.

Nobel Prize-winning economist; Stanford provost and NYU president

In the advanced countries, it is a very challenging time for people in the middle-income and middle-education range. They are being subjected to greater competition from labour saving technology.

Nobel Prize-winning economist; Stanford provost and NYU president

At the end of this century 40-50 years from now, the proportion of our world's population who live in the developing world will have gone from 15%, 200 years ago, to over 85% – we'll be left with a very different planet.

Nobel Prize-winning economist; Stanford provost and NYU president

There are two basic underlying reasons. Firstly dysfunctional politics and secondly economic mistakes.

Nobel Prize-winning economist; Stanford provost and NYU president

The way to think about informational asymmetry is market by market. If you're in a supermarket buying lettuce, there are potential informational asymmetries. Someone may have used a bad fertiliser… even a toxic one… and you wouldn't know it staring at a piece of lettuce.

Nobel Prize-winning economist; Stanford provost and NYU president