Michael Spence

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

Letting China's bubble burst

Aug 3, 2015

Letting China's bubble burst

If Chinese regulators allow the stock market to correct, institutional investors with a long-term value orientation will ultimately step in, enhancing the market's stability.

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.