Nobel winner Spence sees non-trivial chance of recession

Bloomberg/Natlia Kniazhevich/Michael Spence interview/8-20-2022

“We went through more than two or three decades of bringing more productive capacity online in developing countries. And every time demand ramped up, the supply side responded. There isn’t that degree of elasticity on the supply side anymore, which means that shifting from a demand-constrained world to a supply-constrained world is almost a regime change in the global economy.” – Michael Spence, Stanford University professor, Nobel laureate

USAGOLD note: A realistic assessment covering both the direction and degree of future inflation and recession. Spence sees a reset of asset prices, private and public, as inevitable.

Image attribution: Robert Scoble from Half Moon Bay, USA, CC BY 2.0 <>, via Wikimedia Commons

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