“Contrary to his book’s title, Nobel Prize–winning economist Spence does less prognosticating than one might expect. Indeed, early on he shares a chart showing just how inaccurately economists predicted growth during the 1990s. Instead, he offers a comprehensive summary of the forces at play in today’s global economy: removal of trade barriers, the lightning-fast transfer of knowledge from developed to emerging economies, global demand, resources, the role of national and international governments, and the management (or not) of currency rates, among others. Spence’s style is pretty flat (Where’s John Kenneth Galbraith when we need him?), and he seems to underestimate the looming role of climate change in any economic scenario. Yet his status report could give attentive readers a more empowered role in their own economic future.”—Alan Moores, Booklist
“The emergence of China is just part of an amazing catching up process going in the world. We all feel this profound change, but few of us have the ability to step back, put it in perspective, analyze the past and guess where the future is taking us. Mike Spence has it, and he delivers. This is serious thinking, on essential issues. I learned a lot from the book, both in the small and in the large; I am sure other readers will as well.” —Olivier Blanchard, IMF Chief Economist and Class of 1942 Professor Economics, MIT
“Among economists, common sense is not that common. Fortunately, Michael Spence has long bucked the trend. In this book he dispenses wisdom on economic growth – and much else – in accessible, bite-sized chunks. The world’s policy makers better listen.” — Dani Rodrik, Rafiq Hariri Professor of International Political Economy at the John F. Kennedy School of Government, Harvard University
“I always knew that Mike Spence was a terrific economist. After reading this book I realize that he also has the rare ability to see the world economy—all of it, rich and poor—with clarity, reason and empathy. If you are looking for a lucid, readable, consistent, unprejudiced picture of what has been happening and what might happen next in the world economy, this is an excellent place to find it.” —Robert Solow, winner of the 1987 Nobel Memorial Prize in Economic Sciences
About the Author
Michael Spence is a Professor of Economics at the Stern School of Business at New York University, a senior fellow at the Hoover Institution, and was the chairman of the independent Commission on Growth and Development. Winner of the Nobel 2001 Prize in Economic Sciences, he lives in California and Italy.