Michael Spence
Michael Spence
Andrew Michael Spenceis an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development...
NationalityAmerican
ProfessionEconomist
Date of Birth7 November 1943
CountryUnited States of America
added costs determine difference economy goods materials measure raw services size
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.
experiment including liked picked practical quite seemed theory time touch
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.
accessible activity capital chains country design economic human increased initially labor lead less moved region relatively shortened supply
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.
academic activity communal generate life lonely outside quite side solo viewed
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.
assessment becoming father learning modest parent parenting period requires skills time wonderful
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.