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.

/ 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.