All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.
Michael SpenceRead
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
Interpretation
What this quote means
Developing economies have challenges but can take significant actions towards growth and prosperity.
This quote by Michael Spence emphasizes that while developing economies encounter various external challenges or 'headwinds', they still possess the ability to take control of their economic futures. It suggests that through strategic actions and policies, these economies can not only maintain growth but also work towards creating a more robust and sustainable future.
Themes
EconomyGrowthProsperityFutureDevelopment
In practice
Example use cases
This quote can be used in a speech about economic policy at a conference for developing nations.
More from Michael Spence
All quotes →One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes.
Michael SpenceRead
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 SpenceRead
Similar quotes
In reality there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency.
Lysander SpoonerRead
Beneath the surface, unnoticed by many, an even deeper force was at work—the rise of creativity as a fundamental economic driver, and the rise of a new social class, the Creative Class.
Richard FloridaRead
If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.
Niall FergusonRead
One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.
Joseph StiglitzRead
If you go back to the really long-run questions that interested me, the big question was why, over the centuries, the millennia, has growth been speeding up?
Paul RomerRead
What Wall Street and credit card companies are doing is really not much different from what gangsters and loan sharks do who make predatory loans. While the bankers wear three-piece suits and don't break the knee caps of those who can't pay back, they still are destroying people's lives.
Bernie SandersRead