A. Michael Spence

Professor and Dean Emeritus, Economics
+1 (917) 678-1920

A. Michael Spence

The Philip H. Knight Professor and Dean, Emeritus

Academic Area:

Additional Administrative Titles

Chairman, Advisory Board of Stanford Institute for Innovation in Developing Economies

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

Spence is a senior fellow at the Hoover Institution and Philip H. Knight Professor and dean, emeritus, at Stanford Graduate School of Business. 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 served as Philip H. Knight Professor and dean of Stanford Business School from 1990 to 1999. As dean, he oversaw the finances, organization, and educational policies of the school. He taught at Stanford GSB 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 Public 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, 1990–99
  • Professor of Economics and Business Administration, Harvard University, 1975–90
  • Associate Professor of Economics, Stanford University, 1973–75
  • Dean of the Faculty of Arts and Sciences, Harvard University, 1984–90

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

Publications

Journal Articles

A. Michael Spence
Journal of Economic Perspectives
2021 Vol. 35 Issue 3 Pages 67–82
Mohamed El-Erian, A. Michael Spence
World Economics Journal
2008 Vol. 9 Issue 1
A. Michael Spence
Report of the Commission on Growth and Development
2008
A. Michael Spence
National Bureau of Economics Volume on Capital Structure
1985
A. Michael Spence
Econometrica
May 1984 Vol. 52 Issue 1 Pages 101-122
A. Michael Spence
Journal of Economic Literature
September 1983 Vol. 21 Issue 3 Pages 981-990
Michael E. Porter, A. Michael Spence
National Bureau of Economics
1982 Pages 259-316
A. Michael Spence
Strategy, Predation, and Antitrust Analysis
September 1981 Pages 45-88
A. Michael Spence
Studies in Labor Markets
September 1981
A. Michael Spence
Bell Journal of Economics
1981 Vol. 12 Issue 1 Pages 49-70
A. Michael Spence
Review of Economic Studies
1980 Vol. 47 Issue 5 Pages 821-841
A. Michael Spence
Bell Journal of Economics
March 1979 Vol. 10 Issue 1 Pages 1-19

Books

David W. Brady, A. Michael Spence
World Bank
2010
Garth Saloner, A. Michael Spence
Wiley
New York
2002

Academic Publications

A. Michael Spence
Daedalus
May 1, 2022 Vol. 151 Issue 2 Pages 244–255
James Manyika, A. Michael Spence
Foreign Affairs
July 2021 Vol. 100 Issue 4 Pages 107–117

Stanford Case Studies

EC11
Tyee Harpster, Garth Saloner, A. Michael Spence, Meredith Unruh
2000
Eric Marti, Garth Saloner, A. Michael Spence
2000
Garth Saloner, A. Michael Spence, Christopher Thomas, Elizabeth Urban
2000
EC9A
Katherine McIntyre, Ezra Perlman, Garth Saloner, A. Michael Spence
2000
Kasey Craig, Garth Saloner, A. Michael Spence
2000
Katherine McIntyre, Ezra Perlman, Garth Saloner, A. Michael Spence
2000
Garth Saloner, Kostas Sgoutas, A. Michael Spence
2000
Eric Marti, Garth Saloner, A. Michael Spence
2000
Eric Marti, Garth Saloner, A. Michael Spence
2000
EC14
Garth Saloner, A. Michael Spence
2000
Eric Marti, Garth Saloner, A. Micheal Spence
1999
Garth Saloner, A Michael Spence, James McJunkin, Todd Reynders
1997

Service to the Profession

  • Fellow, American Academy of Arts and Sciences
  • Fellow, Econometric Society
  • Member, American Economic Association

Insights by Stanford Business

October 14, 2022
A human-centered approach to artificial intelligence envisions a future where people and machines are collaborators, not competitors.
October 19, 2021
There are plenty of reasons for optimism — and caution.
May 08, 2014
An expert on developing economies explains how a slowing Chinese economy could be good for China — and for the rest of us.
October 17, 2013
Market reactions to eurozone unification led to divergent labor productivity rates.
April 01, 2010
The economist says the resilience of developing nations during the world economic crisis is encouraging, but long-term growth needs a global strategy.
August 01, 2001
In an excerpt from their book, Garth Saloner and Michael Spence explore the ways managers can use technological innovations to add value.