Who is 'A. Michael Spence'

A. Michael Spence is an American economist who has won the Nobel Memorial Prize in Economic Sciences.

BREAKING DOWN 'A. Michael Spence'

A. Michael Spence is an economics professor at New York University Leonard N. Stern School of Business, where he has served as a professor since 2010. Spence has also served as the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University.

In addition, he is a senior fellow at the Hoover Institution, a Stanford-based free-market think tank. His work at the Hoover Institution earned Spence the John Bates Clark Medal of the American Economic Association, which was awarded to an American economist under 40 years of age who was deemed to have made the most important and valuable contributions to the areas of economic knowledge and insight.

Spence has earned an assortment of other prestigious awards, including the John Kenneth Galbraith Prize for excellence in teaching and the David A. Wells Prize for the outstanding doctoral dissertation at Harvard.

A. Michael Spence History and Honors

While at Stanford, Spence also served as dean of the Business School. In that role, he had a range of critical responsibilities, including overseeing key financial and educational policies. He had previously taught an associate economics professor at Stanford. Prior to teaching at Stanford, Spence taught economics and business administration at Harvard. While at Harvard, Spence was named chairman of the Economics department, later holding the position of the dean of the Faculty of Arts and Sciences.

Spence earned a Nobel Prize, officially titled The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2001, for his analysis of information asymmetry. His work specifically focused on how individuals can use their education credentials as a signal to potential employers. He was awarded the Nobel Prize jointly with George Akerlof and Joseph Stiglitz, professors at University of California at Berkeley and Columbia University, respectively.

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, including General Mills. Spence has also served on the editorial boards of several economics and financial publications, including the Journal of Economic Theory and American Economics Review, and also serves on the boards of several economics councils including the National Research Council Board on Science, Technology and Economic Policy.

  1. Douglass C. North

    Douglass C. North was an American economist and winner of the ...
  2. Vernon L. Smith

    An American economist who won the Nobel Prize in Economics in ...
  3. Ronald H. Coase

    Ronald H. Coase was a British economist who won the 1991 Nobel ...
  4. Joseph Stiglitz

    Joseph Stiglitz is an American neo-Keynesian economist and winner ...
  5. Lawrence Klein

    Lawrence Klein was an American economist and winner of the 198 ...
  6. Stanford Graduate School of Business

    The Stanford Graduate School of Business is one of the leading ...
Related Articles
  1. Insights

    Where Does the Nobel Prize Money Come From?

    The cash award associated with the Nobel Prize has changed in value considerably since the first awards in 1901. Find out where it come from today.
  2. 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.
  3. Insights

    Harvard and MIT Professors Win Nobel Memorial Prize in Economics

    British economist Oliver Hart, 68, and Finnish economist Bengt Holmström, 67, were honored with the award today for their contributions to contract theory.
  4. Personal Finance

    At Harvard, Expect High Tuition But Generous Aid

    Harvard University might have one of the country’s highest tuition rates, but many students pay far less thanks to a strong financial aid program.
  5. Investing

    Stanford University Reboots Its $22.4B Portfolio

    Stanford University is aiming to boost its investment returns.
  6. Personal Finance

    6 Jobs You Can't Get Without A PhD

    There are many types of PhDs available, but only a handful of careers actually require this prestigious degree.
  7. Personal Finance

    3 High-Paying Academic Jobs With Good Pensions

    Find out which academic posts have the most attractive salaries and benefits, and why college faculty and staff tend to survive economic downturns.
  8. Insights

    3 Billionaires Who Graduated From Harvard

    Learn more about three of the many billionaires Harvard has produced and how they have remained loyal by donating hundreds of millions to their alma mater.
  9. Tech

    Three Leading Economists Come Out Against Bitcoin

    A Nobel winner and a former IMF chief economist are among the latest to criticize bitcoin.
  10. Insights

    Economist Joseph Stiglitz Would Give Trump an "F" on Economics

    Trump would fail distinguished economist Joseph Stiglitz's class.
  1. What impact does economics have on government policy?

    Learn about the impact of economic conditions on government policy and understand how governments engineer economic conditions ... Read Answer >>
  2. What are some of the limitations and drawbacks of economics as a field?

    Find out why the field of economics is full of controversy. Policy decisions, political campaigns and personal finances are ... Read Answer >>
  3. What is the difference between accounting and economics?

    Discover the difference between accounting and economics by comparing and contrasting the financial discipline of accounting ... Read Answer >>
  4. Economists' assuptions in their economic model

    Economists often first build assumption before they apply them into their models. Find out why economists use unrealistic ... Read Answer >>
Trading Center