Michael Spence

For Michael Spence's latest contributions to The Japan Times, see below:

Aug 27, 2014

The difference between good and bad equality

The "old" theory about inequality was that redistribution via the tax system weakened incentives and undermined economic growth. But the relationship between inequality and growth is far more complex and multi-dimensional than this simple trade-off suggests.

May 26, 2014

New digital technology wave replacing labor

People scrambling to keep up with digital technologies need to know that the world we are entering is one in which the most powerful global flows will be ideas and digital capital — not goods, services and traditional capital.

Apr 28, 2014

Tradable gains in Spain rain hope for recovery

Though domestic investment is constrained by credit availability, major European and Latin American multinationals have begun investing in the Spanish economy, attracted by its enhanced competitive posture, structural flexibility and recovery in domestic demand.

Dec 30, 2013

The distributional challenge

Assessing the recent past and looking forward to the near term may well be a necessary exercise when it comes to the global economy in 2013 and 2014.

Oct 21, 2013

America's reckless financial policy

The U.S. pattern of decision making (or nondecision making) on debt deadlines has already created additional risk and will surely be reflected in upward pressure on interest rates.