This is illustrated by a recent paper by Michael Spence and Sandile Hlatshwayo, both of New York University.

ECONOMIST: Innovation

Your editor joined them, mixing with the likes of Nobel laureate economist Michael Spence and Timothy Dattels of the private equity giant now known in Asia-Pacific as tpg.

FORBES: Buck As Backdrop

He shared that prize with George Akerlof and Michael Spence.

FORBES: Intelligent Investing Briefing Book

Recent research by Michael Spence and Sandile Hlatshwayo of New York University's Stern School of Business found that 98% of employment growth between 1990 and 2008 occurred in non-tradable industries.

ECONOMIST: Free exchange

Michael Spence, another Nobel prize-winning economist, in a recent article in Foreign Affairs agrees that technology is hitting jobs in America and other rich countries, but argues that globalisation is the more potent factor.

ECONOMIST: The great mismatch

Stanford professor Michael Spence, Nobel laureate in economics, and Shaun Rein, founder and managing director of China Market Research Group (CMR), both told me that China might very well exceed Japan to become the second-largest consumer market in the world.

FORBES: China's Booming Consumer Market