Capital Pains: Economist Michael Spence On the New Costly Money Era
Michael Spence, a professor at NYU’s Stern School of Business, argues that shifts in global economic patterns have created the conditions for a protracted period of expensive capital.
Julie Segal
December 17, 2025
Michael Spence, professor of economics at Stanford University, speaks at the future of American jobs conference at the National Press Club in Washington, D.C., U.S., on Friday, Dec. 3, 2010. Employers added fewer jobs than forecast in November and the unemployment rate rose to 9.8 percent, pointing to economic weakness that's likely to keep the Federal Reserve pumping money into the financial system. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Michael Spence
Andrew Harrer/Bloomberg
