Michael Spence

Research Statement

A. Michael Spence’s research interests focus on the study of economic growth and development, dynamic competition and the economics of information.

Bio

A. Michael Spence is a senior fellow at the Hoover Institution and Philip H. Knight Professor and Dean, Emeritus, at the Graduate School of Business, Stanford University. He is the chairman of an independent Commission on Growth and Development, created in 2006 and focused on growth and poverty reduction in developing countries.

In 2001, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to the analysis of markets with asymmetric information. He received the John Bates Clark Medal of the American Economic Association awarded to economists under 40. He is currently the chairman of an independent Commission on Growth and Development.

He served as Philip H. Knight Professor and dean of the Stanford Business School from 1990 to 1999. As dean, he oversaw the finances, organization, and educational policies of the school. He taught at Stanford as an associate professor of economics from 1973 to 1975.

From 1975 to 1990, he served as professor of economics and business administration at Harvard University, holding a joint appointment in its Business School and the Faculty of Arts and Sciences. In l983, he was named chairman of the Economics Department and George Gund Professor of Economics and Business Administration. Spence was awarded the John Kenneth Galbraith Prize for excellence in teaching in 1978 and the John Bates Clark Medal in 1981 for a “significant contribution to economic thought and knowledge.”

From 1984 to 1990, Spence served as the dean of the Faculty of Arts and Sciences at Harvard, overseeing Harvard College, the Graduate School of Arts and Sciences, and the Division of Continuing Education.

From 1977 to 1979, he was a member of the Economics Advisory Panel of the National Science Foundation and in 1979 served as a member of the Sloan Foundation Economics Advisory Committee. At various times, he has served as a member of the editorial boards of American Economics Review, Bell Journal of Economics, Journal of Economic Theory, and P_ublic Policy_.

Among his many honors, Spence was elected a fellow of the American Academy of Arts and Sciences in 1983 and was awarded the David A. Wells Prize for outstanding doctoral dissertation at Harvard University in 1972.

He has served as member of the boards of directors of General Mills, Siebel Systems, Nike, and Exult, and a number of private companies. From 1991 to 1997, he was chairman of the National Research Council Board on Science, Technology, and Economic Policy.

He is a member of the American Economic Association and a fellow of the American Academy of Arts and Sciences and the Econometric Society.

Academic Degrees

• PhD, Harvard University, 1972
• BA/MA, Oxford University, 1968
• BA (summa cum laude), Princeton University, 1966

Academic Appointments

• At Stanford University since 1990. Emeritus since 2000
• Philip H. Knight Professor and Dean of Stanford GSB, 1990-1999
• Professor of Economics and Business Administration, Harvard University, 1975-1990
• Associate Professor of Economics, Stanford University, 1973-1975
• Dean of the Faculty of Arts and Sciences, Harvard University, 1984-1990

Awards and Honors

• Nobel Memorial Prize in Economic Sciences, The Royal Swedish Academy of Sciences, 2001
• John Bates Clark Medal for Contributions to Economic Research, American Economic Association, 1981
• J. K. Galbraith Prize for Excellence in Teaching, 1978
• David A. Wells Prize for outstanding doctoral dissertation, Harvard University, 1972
• Danforth Fellow, 1966
• Rhodes Scholar, 1966

In the Media

The Trust Gap

Project Syndicate, September 22, 2012

Writing for Project Syndicate, the Stanford GSB's David Brady and Dean Emeritus Michael Spence examine why governments are struggling to take bold action on the global economy.

Interview with Nobel Winner Michael Spence

National Public Radio, December 14, 2011

An Interview with Mike Spence: The Network Economy Needs a Framework of Global Governance

Les Echos, January 2003

Internet Promises a Truly Global Economy

Toronto Star, November 30, 2002

Canada's Nobel Winner Still Dreams of Internet Riches

Salt Spring News, November 14, 2001

The 2001 Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel

The Nobel Foundation Press, November 10, 2001

Nobel Prize's Canadian Connection

The Toronto Star, January 2001

Stanford Business School's Spence Wins Nobel Prize for Economics

Business Wire, January 2001

Pensare Taps Leading Stanford Professors for Development of eCommerce Online Learning Program

PR Newswire, October 18, 2000

Former Dean of Stanford Business School A. Michael Spence Joins Intersurvey Board of Directors

PR Newswire, January 2000

Le Miracle Economique Atteindra-t-il la Suisse?

Tribune de Geneve, January 1998

Silicon Valley: The Valley of Money's Delight

The Economist, April 27, 1997

Insights by Stanford Business

writtenMichael Spence: China’s Rising Middle

May 8, 2014

An expert on developing economies explains how a slowing Chinese economy could be good for China — and for the rest of us.

writtenA Dialogue: What Europe Taught Us About Boundaries

October 17, 2013

Market reactions to eurozone unification led to divergent labor productivity rates.

writtenMichael Spence: Ongoing Growth Needs Global Financial Regulation

April 1, 2010

The economist says the resilience of developing nations during the world economic crisis is encouraging, but long-term growth needs a global strategy.

writtenReshaping Industries with Internet Supply Chains

August 1, 2001

In an excerpt from their book, Garth Saloner and Michael Spence explore the ways managers can use technological innovations to add value.