Michael Spence Quotes

In economies with excess productive capacity, targeted investment can yield a double benefit, generating short-run demand and boosting growth and productivity thereafter.

Our approach to economic development must be modern, focused and in tune with the global trend.

Throughout U.S. history, competent public investments have been an essential complement to private investments - from the Louisiana Purchase, to land-grant colleges, to the Interstate Highway System, to the Internet.

We know how to build economies. It requires investment in jobs. The biggest medium-term multiplier is infrastructure.

Infrastructure investment can boost economic growth and employment, and, in fact, it is fiscally neutral.

Our Government is committed to pursuing policies and programs which facilitate a further lowering of the interest rates in order to fuel investment and growth. We call on the commercial banks to partner with us in this effort.

The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.

There is no legislative change that can be made to make up for an economy that's not growing and not expanding.

America's growth historically has been fueled mostly by investment, education, productivity, innovation and immigration. The one thing that doesn't seem to have anything to do with America's growth rate is a brutal work schedule.

History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.

Regardless of how it is funded, consumption does not increase productivity; investment and innovation do.

The economy has barely recovered from the so-called 'Great Recession', with a 2 percent annual rate of growth since mid-2009. Peak worker wages, business investment, and productivity all occurred around the year 2000.

The Netherlands has been severely hit by the debt crisis, and the solution is to lower taxes, get government finances in order, and make room for investment.

A global economy that is levering up, while unable to generate enough aggregate demand to achieve potential growth, is on a risky path.

Not once during Obama's tenure did the country achieve an annual 3 percent rate of economic growth.

In an economy, when the government spends more and invests in the economy, that money circulates, and recirculates again and again. So not only does it create jobs once: the investment creates jobs multiple times.

I'm the guy pushing a trillion-dollar infrastructure plan. With negative interest rates throughout the world, it's the greatest opportunity to rebuild everything. Shipyards, ironworks, get them all jacked up. We're just going to throw it up against the wall and see if it sticks.

Without public investment, without families spending, without cheap credit, the economy won't recover.

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.

Leading economists have shown that by shrinking Texas, we can actually create more income for Texas in the long run.

The government would also be wise to press on with its further measures to promote growth, as it will want to outperform the low figures in this outlook. This will mean delivering measures to ease money and credit and to stimulate demand.

Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.

A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.

When you look at the state of the economy right now, you have to set a priority. And my top priority is the deficit of jobs and economic growth, and especially this perception that the United States could be falling behind especially Asian economies.

A more productive economy in the long term will bring us higher tax revenues, but that requires long-term investment in infrastructure and the skills necessary to grow a balanced economy.