Michael Spence

In 2001, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to the analysis of markets with asymmetric information. He received the John Bates Clark Medal of the American Economic Association awarded to economists under 40. From 1975 to 1990, he served as professor of economics and business administration at Harvard University, holding a joint appointment in its business school and the Faculty of Arts and Sciences. In l983, he was named chairman of the economics department and George Gund Professor of Economics and Business Administration. Spence was awarded the John Kenneth Galbraith Prize for excellence in teaching in 1978 and the John Bates Clark Medal in 1981 for a “significant contribution to economic thought and knowledge.” From 1984 to 1990, Spence served as the dean of the Faculty of Arts and Sciences at Harvard, overseeing Harvard College, the Graduate School of Arts and Sciences, and the Division of Continuing Education. Among his many honors, Spence was elected a fellow of the American Academy of Arts and Sciences in 1983 and was awarded the David A. Wells Prize for outstanding doctoral dissertation at Harvard University in 1972. At Stanford University since 1990. Emeritus since 2000 Philip H. Knight Professor and Dean of Stanford GSB, 1990–99 Professor of Economics and Business Administration, Harvard University, 1975–90 Associate Professor of Economics, Stanford University, 1973–75 Dean of the Faculty of Arts and Sciences, Harvard University, 1984–90 A human-centered approach to artificial intelligence envisions a future where people and machines are collaborators, not competitors. The economist says the resilience of developing nations during the world economic crisis is encouraging, but long-term growth needs a global strategy. In an excerpt from their book, Garth Saloner and Michael Spence explore the ways managers can use technological innovations to add value. In May, the Center for Entrepreneurial Studies was renamed in honor of its founders, Charles Holloway and Irv Grousbeck. Since 1996, the Center for Entrepreneurial Studies has offered valuable learning experiences, serving as an important source of talent for the startup ecosystem. The fourth and final episode of GSB at 100 captures the sounds of Stanford GSB’s Centennial Day, considers how far we’ve come, and looks to the bright future ahead. Over the past century, six Stanford GSB professors have been awarded the Nobel Prize. Here’s a look at who they are — and why they won. As the school gets ready for its 100th birthday, a look back at the leaders who shaped it.