Spence’s work underscores one of his core beliefs, that governance and smart policy making play a critical role in raising levels of well-being. In 2001, he was the winner—along with economists George A. Akerlof and Joseph E. Stiglitz—of the Nobel Memorial Prize in Economic Sciences for work in the area of asymmetric information. Recently, Spence and Douglas Beal met to discuss the increasing attention being paid worldwide to well-being, the critical role of governance in raising living standards, and what government leaders can do to maximize the impact of their policies.
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