Michael Spence Quotes

Turkey's economy is powerful enough to tackle tough times.

If you grow the economy, then you become stronger, and you can resist many other things.

You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, 'It could have been much better.'

We don't tell New Zealanders we can stop the global recession, because we can't. What we do tell them is we can use this time to transform the economy to make us stronger so that when the world starts growing again we can be running faster than other countries we compete with.

Watching the economies in various parts of the world, I believe that there is scope for improvement everywhere. There is some corruption and inefficiency everywhere.

Our most important priority is sustained economic growth, and I think we can absolutely get to sustained 3% to 4% GDP, and that is absolutely critical for the country.

Business cycles in emerging markets behave differently from developed markets.

The BBC is locked to the reading of the economy that is run out of Ed Miliband and Ed Balls' office. They think if only you spend and borrow more money you can create growth everywhere.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

Indebted countries can only grow out of their debt troubles through strong economic growth; austerity measures alone cannot work. It is imperative to engage in deep structural reform to spur growth.

Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.

When there's downward pressure on growth, one choice is to adjust economic policy, increase deficits, relax monetary policy. That might have a short-term benefit, but may not be beneficial for the future.

The U.K. and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not. You've got to spend money.

In all modesty, we must admit that governments are not always the best doctors when it comes to diagnosing economic ailments and prescribing the right treatment.

The key to a resilient global recovery, where growth in each country advances growth in every country, is action directed at supporting demand at home.

Fortunately there is more wealth in the world than there was at the time of the global economic crisis of 1929 - Chinese, Indian, Arab and Russian.

I don't accept as an article of faith that lots of short-term stimulus boosts the economy and gets us back on the long-term trajectory.

The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on Japan's experience since the second half of the 1980s.

Austerity policy without currency devaluation can only hamper economic growth.

And we've given all you people need to know and understand about our financial situation and about how we live our life. And so, the election, again, will not be decided on that. It will be decided on who is gonna turn the economy around and how are jobs gonna come back to America.

I am not a politician but I have dedicated the biggest part of my professional life to economic policy both in Greece and Europe.

Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher savings rates in the United States.

While the wider global environment is worrying, we are seeing some positive results in our economic affairs.

The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.

Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.