In an op-ed, Prof. Michael Spence shares his predictions for economic growth in 2014
— January 21, 2014
Excerpt from The Huffington Post -- "The US is in what might be termed a partial recovery: growth at 1.5 to 2%, well below potential but a lot better than zero. This is being driven largely by the private sector, a flexible and dynamic economy and one that is shifting its resources at the margin toward the tradable sector where demand is not (or is less of) a constraining factor. Fiscal drag is significant and uncertain because the resolution of an ongoing sequence of budget standoffs is not known."