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.

BREAKING DOWN '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. George A. Akerlof

    A winner of the 2001 Nobel Prize in Economics, along with Michael ...
  2. John Bates Clark Medal

    An award issued to an American economist under the age of 40 ...
  3. Douglass C. North

    An American economist and winner of the 1993 Nobel Memorial Prize ...
  4. The Clark Medal

    An informal name for the John Bates Clark Medal, which is a prize ...
  5. Joseph Stiglitz

    An American neo-Keynesian economist and winner of the 2001 Nobel ...
  6. Nobel Memorial Prize In Economic ...

    A prestigious award acknowledging outstanding contributions to ...
Related Articles
  1. Insights

    5 Nobel Prize-Winning Economic Theories You Should Know About

    Here are 5 prize-winning economic theories that you’ll want to be familiar with.
  2. Investing

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  3. Managing Wealth

    Janet Yellen Success Story: Net Worth, Education & Top Quotes

    Look into the life and academic career of Janet Yellen, the first female chair of the Federal Reserve and a noted Keynesian economist.
  4. Financial Advisor

    Insider's Guide To The Top U.S. Business Schools

    The best business school for you depends on your skills, career goals and interests. We help future MBA's make a more informed choice.
  5. Personal Finance

    5 Top Business Schools in America

    These schools produce many of the most successful business grads and offer some of the best education in business and management.
  6. Personal Finance

    Get An Academic Finance Career

    Working nine months a year and earning a six-digit salary might seem like the high life, but these jobs are not easy to come by.
  7. Taxes

    Winning The Jackpot: Dream Or Financial Nightmare?

    Don't assume all prizes are free. Many come with enough costs to render them worthless.
  8. Insights

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  9. Financial Advisor

    Where the Ultra-Wealthy Go to School

    Want to concentrate on the best chance for building an ultra-wealth clientele? Start with their schooling ... and always bet on Harvard.
  10. Insights

    The Top 3 Drivers of the Great Depression in 1929

    Find out what caused the Great Depression in 1929, and why the crash was so deep that it persisted all the way through World War II.
RELATED FAQS
  1. What is the theory of asymmetric information in economics?

    Read a brief overview of asymmetric information theory in economics, the development of its main arguments and why some challenge ... Read Answer >>
  2. What are the best MBA programs for corporate finance?

    Read about the best MBA programs for students who want to pursue a career in corporate finance, including those at Harvard, ... Read Answer >>
  3. Is economics a science?

    Learn how economics fits into the category of social sciences, and discover the arguments critics make against this classification. Read Answer >>
  4. What schools did Warren Buffett attend on his way to getting his science and economics ...

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences. Read Answer >>
  5. Is Canada a developed country?

    Find out how Canada fares as a developed country, boosted by its economic strength and a strong standard of living for Canadian ... Read Answer >>
Hot Definitions
  1. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  2. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  3. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  4. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  5. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  6. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
Trading Center