Best quotes by Michael Spence on Growth
Checkout quotes by Michael Spence on Growth
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‟ Properly targeted public investment can do much to boost economic performance, generating aggregate demand quickly, fueling productivity growth by improving human capital, encouraging technological innovation, and spurring private-sector investment by increasing returns.
- Michael Spence
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‟ Labor, no matter how inexpensive, will become a less important asset for growth and employment expansion, with labor-intensive, process-oriented manufacturing becoming a less effective way for early-stage developing countries to enter the global economy.
- Michael Spence
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‟ All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.
- Michael Spence
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‟ In economies with excess productive capacity, targeted investment can yield a double benefit, generating short-run demand and boosting growth and productivity thereafter.
- Michael Spence
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‟ China's continued growth and rising household income are creating opportunities for lower-income economies in low-cost manufacturing.
- Michael Spence
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‟ A global economy that is levering up, while unable to generate enough aggregate demand to achieve potential growth, is on a risky path.
- Michael Spence
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‟ Monetary policy should never have been expected to shift economies to a sustainably higher growth trajectory by itself.
- Michael Spence
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‟ Productivity gains are vital to long-term growth because they typically translate into higher incomes, in turn boosting demand. That process takes time, of course - especially if, say, the initial recipients of increased income already have a high savings rate.
- Michael Spence
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‟ Reforms aimed at increasing an economy's flexibility are always hard - and even more so at a time of weak growth - because they require eliminating protections for vested interests in the short term for the sake of greater long-term prosperity.
- Michael Spence