A. Michael Spence

AAA

DEFINITION of 'A. Michael Spence'

An American economist who has won the Nobel Memorial Prize in Economic Sciences. Spence is a professor emeritus of management in the Graduate School of Business at Stanford University, and a senior fellow at the Hoover Institution - a Stanford-based free-market think tank. Spence received the Nobel Memorial Prize in 2001, along with George Akerlof and Joseph Stiglitz, for his analysis of information asymmetry - specifically of how individuals can use their education credentials as a signal to potential employers. Spence is also a recipient of the John Bates Clark Medal. Prior to teaching at Stanford, Spence taught economics and business administration at Harvard.

INVESTOPEDIA EXPLAINS 'A. Michael Spence'

Born in 1943 in New Jersey, Spence grew up in Canada. His research subjects include emerging markets, information economics, dynamic competition and leadership's effect on economic growth. He has also served as a director on the boards of numerous public and private companies.



RELATED TERMS
  1. Amartya Sen

    An internationally renowned economist who is a professor of economics ...
  2. Economist

    An expert who studies the relationship between a society's resources ...
  3. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
  4. Economics

    A social science that studies how individuals, governments, firms ...
  5. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  6. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Economics

    Understanding Supply-Side Economics

    Does the amount of goods and services produced set the pace for economic growth? Here are the arguments.
  3. Options & Futures

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  4. Economics

    The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.
  5. Options & Futures

    Explaining The World Through Macroeconomic Analysis

    From unemployment and inflation to government policy, learn what macroeconomics measures and how it affects everyone.
  6. Entrepreneurship

    Adam Smith And "The Wealth Of Nations"

    Adam Smith's 1776 classic may have had the largest global impact on economic thought.
  7. Investing Basics

    Muriel Siebert: Female Finance Pioneer

    Muriel Siebert has blazed many paths for investors, but is especially relevant as the first woman to sit on the NYSE.
  8. Investing Basics

    The Intelligent Investor: Benjamin Graham

    Learn about the man who mentored Warren Buffett, who eventually became the investing "Oracle of Omaha".
  9. Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  10. Professionals

    Hetty Green: The Witch Of Wall Street

    Hetty Green was the richest woman of her time and possibly the first value investor, yet she's not remembered kindly.

You May Also Like

Hot Definitions
  1. Fixed-Charge Coverage Ratio

    A ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. It is calculated ...
  2. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  3. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  4. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  5. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  6. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
Trading Center