2012
The Sustainability Mindset PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Friday, 17 February 2012 14:37

Markets and capitalist incentives have great strengths in promoting economic efficiency, growth, and innovation. And, as Ben Friedman of Harvard University argued persuasively in his 2006 book The Moral Consequences of Growth, economic growth is good for open and democratic societies. But markets and capitalist incentives have clear weaknesses in ensuring stability, equity, and sustainability, which can adversely affect political and social cohesion.

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Mind Over Market PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Thursday, 12 January 2012 20:54

In the 66 years since World War II ended, virtually all centrally planned economies have disappeared, largely as a result of inefficiency and low growth. Nowadays, markets, price signals, decentralization, incentives, and return-driven investment characterize resource allocation almost everywhere.

 

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The Exchange-Rate Delusion PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Sunday, 18 December 2011 20:48

If one looks at the trade patterns of the global economy’s two biggest players, two facts leap out. One is that, while the United States runs a trade deficit with almost everyone, including Canada, Mexico, China, Germany, France, Japan, South Korea, and Taiwan, not to mention the oil-exporting countries, the largest deficit is with China. If trade data were re-calculated to reflect the country of origin of various components of value-added, the general picture would not change, but the relative magnitudes would: higher US deficits with Germany, South Korea, Taiwan, and Japan, and a dramatically lower deficit with China.

 

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