The U.S. economy is showing no signs of catching up with its past growth trend and advanced economies are at risk of “Japanese-style malaise,” Columbia University Professor and Nobel laureate Joseph Stiglitz said.
Greece risks a violent revolution unless it leaves the euro in an “orderly exit” organized by the European Central Bank and the European Union, Nobel Prize- winning economist Michael Spence told la Repubblica newspaper.
Europe may need $2 trillion in its rescue fund to fight the debt crisis, more than the 940 billion euros ($1.3 trillion) that governments are said to be seeking, said Michael Spence, the Nobel Prize-winning economist.
Michael Spence, professor of economics at New York University, discusses a possible permanent rescue fund, set up by European governments. Spence talks to Bloomberg's Kathleen Hays on "The Hays Advantage" on Bloomberg Radio.
Job growth in the U.S. is primarily in “non-tradable” industries where “we don’t compete globally,” such as government and health care, said Andrew Michael Spence , winner of the Nobel Prize in economic sciences in 2001.