Surprising Science

MILAN – Digital technologies are once again transforming global value chains and, with them, the structure of the global economy. What do businesses, citizens, and policymakers need to know as they scramble to keep up?

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The Most Important Advice is the Advice I Never Received

Non-interference was probably the most important thing that happened in my professional life. 

During my PhD program I became interested in the informational structure of markets that turned into the work on signaling, which was the part of my early work that was recognized for the Nobel Prize, but it was not really a subject at the time. 

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What Has Fundamentally Changed in the World Economy

Emerging economies may have a bigger impact on the American economy and in particular they are powerful enough to take away the lower value added jobs in the tradable sector to an extent that may have an impact on work opportunities for a subset of our fellow citizens.

What’s been going on in the world economy since World War II – it’s a wonderful story with America in the lead. The international community set out to open up the global economy. That turns out to be the key element that allows developing countries to grow at very high rates, the way they have.  And because many of these countries were poor and relatively small, you could grow at very high rates and they didn’t have a very  big impact on the global economy, but you just know that over time, that impact is going to get larger and larger, not because the growth is higher, but because the size is bigger.  

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Technology & Innovation

The economist won the Nobel Prize for his theory of signaling—which can be useful to someone wooing a mate.