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Michael Spence
Economist

Michael Spence

Famoose for

Explaining how education can signal ability in the job market.

Job-market signalling · Growth commission

Born
7 November 1943
Birthplace
Montclair

More people

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Michael Spence

Canadian-American economist whose research investigates markets where participants hold unequal information. He shared the 2001 economics Nobel with George Akerlof and Joseph Stiglitz.

Early life

Broad academic training

Studied philosophy at Princeton, mathematics at Oxford as a Rhodes Scholar and economics at Harvard. Completed his doctorate in 1972.

Career

  1. 1972

    Doctoral research

    Developed work on market signalling.

  2. 1990s

    Stanford leadership

    Served as business-school dean until 1999.

  3. 2001

    Nobel Prize

    Shared recognition for analysing asymmetric information.

Selected work

Job-market signalling

Modelled how costly signals can convey information about workers.

Growth commission

Led international work examining economic growth and development.

Beyond work

Family

Has lived in Milan with his wife and children alongside his international academic work.

Sources & photo creditBiography and career ↗Biographical references ↗

Original photograph. Cropped and displayed in monochrome.

Photo: Robert Scoble from Half Moon Bay, USA. CC BY 2.0 · Original image. Cropped and displayed in monochrome.