Michael Spence Biography

Michael Spence, a Nobel Laureate in Economics, is best known for his work on the job-market signaling model. Employees indicate their particular talents to employers by obtaining a specific level of education, which comes at a cost to them. Employers will pay greater wages to a more trained workforce because they know that educated employees have a higher proportion of high-ability employees since schooling is less expensive for them than it is for employees with poor abilities. It is not even required for education to have any intrinsic value for the model to operate if it can communicate information about the sender (employee) to the recipient (employer). Spence is the Chairman of the independent Commission on Growth and Development, a multilateral group that focuses on methods for generating continuous and sustainable economic growth and reducing poverty. His current research focuses on economic policy in emerging markets, the economics of information, and the impact of leadership on economic growth. Spence earned a philosophy degree from Princeton in 1966 and moved on to Oxford as a Rhodes Scholar to study mathematics. Spence is also a professor of economics at New York University's Stern School of Business and the former Dean of the Stanford Graduate School of Business.

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