Nobel Laureate Prof. Michael Spence on the costs of US trade with China

— September 27, 2011

Excerpt from The Wall Street Journal -- "Michael Spence, a Nobel Laureate economist at New York University, said the new finding reflected how prevailing theories of trade aren't up to the task of dealing with the breakneck pace of China and other developing economies. Since the world has never seen such large countries grow so quickly, history isn't much of a guide." Additional coverage appeared on a CNN blog.

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Nobel Laureate Prof. Michael Spence on the costs of US trade with China