Michael Spence — The Future of Economic Growth
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A fellow at the Hoover Institution and a professor of economics at New York University Stern School of Business, Michael Spence won the Nobel Prize in Economic Sciences in 2001. His latest book is The Next Convergence: The Future of Economic Growth in a Multi-Speed World. Around 1750 the world economy began its amazing transformation with the advent of the Industrial Revolution. What happened then and why did it happen? The short answer, according to Michael Spence is "innovation." But where does innovation come from? Spence traces the emergence of the global economy, marking the critical interaction of economics and governance in successful economies in the developing world. He focuses on China and India as emerging economic powers and what their rise will mean for the United States.
Comments
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1956 the invention of the container for cargo shipping. How much did that help matters?
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Summary
"If we don't destroy the planet the way through we will be fine" -
"BRICS is Brazil...can you remember all?"
LOLZZZZZZZZZZZZZZZZZZZ, very very under qualified to take this interview! -
I am a professor of economics and when I watched this video I was partially surprised and largely uncomfortable
The GDP is not the best measure for economic development we all know that. Most importantly though the institutional structure has paramount significance for sustaining economic growth, that involves the policing of the human and environmental rights, transparent laws and equality, a healthy banking and risk financing sector and a well designed education system. I completely disagree with Dr Spence that the US is the next England, that there is going to be so much diversity and equal holding powers in the World etc. Being the largest economy in the world would require a political stance of the Chinese government for the world and China will never be ready for that. Numbers can be fascinating Dr Spence but they do not translate into a well developed country. I also do not understand why the Western concept of development is not desired, I am yet to see a better alternative despite its problems. I am also surprised at the panic the host seems display building correct institutions require a correct start China does not have this.It also is not advisable to speak of cliches for a nation which is so hidden from the public eye. Our stakes are not as interdependent as Dr Spence asserts. I am also surprised at the support of WALMART. -
Crap....
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A very important book to read ; to understand : 1. how liberals/progressives attempt to rewrite history. 2. how free-trade, technology and entreprenuership changed the global economy. 3. how keynesian fiscal policies are to the detriment of the free-markets, while fostering crony-capitalism & nepotism.
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heh poor robert. 22:31. It's Putin, not poutine (frenchfries with gravy and cheese)
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I'm not quite sure, but it seems as though you are asking of at some point we will invent all there is to be invented? That seems like such a far sighted concern you might as well be worried about the sun exploding, and factoring that in to your decision making about who the next president should be.
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I think that Robert Solow's model for economic growth can surely be debunked given today's tumultuous financial markets and the global economic conditions.
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Very interesting video. Spence says that innovation, openness of world trade, and endogenous growth are the main drivers of development. But does growth in performance go on forever? They are probably limits to the rate of acceleration. So when the overall pie gets *smaller* the opposite result of protectionism and trade wars would probably be more tempting. Which is why I guess he says it's not just a simple mechanistic engine - the link between economics and politics is in fact more important.
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In “Occupying Chairlifts” a simple rule tweak on inheritance ends up changing the direction and purpose of modern human life! Here’s a fair way to transition forward to where we’re rewarded for cooperating and creating instead of competing and conquering. It's something specific we can demand. If this isnt the best answer, at least we’re thinking about what might be. Are we really just this close to having it work right? Oh yeah, it's a Ski movie! “Occupying Chairlifts” on Youtube!
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what's a "paradine"?
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go apply for the nobel price!
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ITS BETTER FOR THE USA AND REST OF THE WORLD TO BE FRIENDS WITH THE TRUST WORTHY INDIANS MORE AS HE RIGHTLY SAID
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I understand that economists allways have to push for progress and growth and development all the time, and while the notion seems appealing at that, most economists simply cannot understand the following: HAVE YOU ANY IDEA HOW DANGEROUS AN INFINITE GROWTH ECONOMIC PARADINE REALLY IS??? Watch this video, awailable here on youtube: watch?v=umFnrvcS6AQ Then you will quickly notice that we cannot keep going the way we are today and I dare the Hoover institution too approve this commentary!
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a very wise man
36m 33sLenght
85Rating