Michael Spence Quotes
Although everyone does benefit from lower-priced goods and services, people also care greatly about the chance to be productively employed and the quality of their work. Declining employment opportunities feel real and immediate; the rise in real incomes brought by lower prices does not.
Topics
Chance, Fortune, Luck, Probability
Employment Opportunities
Job Loss, Job Losses
Job Satisfaction
Job Security
Economic Benefits
Job Creation
Economic Inequality
Job Market
Job Opportunities
Job Quality
Lower Prices
Productive Employment
Wage Growth
Work Quality
Income Growth
Employment Concerns
Citations
Spence, Michael. "The Impact of Globalization on Income and Employment: The Downside of Integrating Markets." Foreign Affairs, vol. 90, no. 4, 2011.
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Andrew Michael Spence is a Canadian-American economist and Nobel laureate.