# An op-ed by Prof. Michael Spence on how developed countries can revive sustainable growth

1 Faculty News July 17, 2012 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/tradable-prosperity) -- "To be effective and properly targeted, policies need to include an accurate diagnosis of growth potential and impediments in both the tradable and non-tradable parts of the economy. Focusing on one (say, the competitiveness problem in the tradable sector) to the exclusion of the other (perhaps a serious non-tradable demand shortfall or stagnant absolute productivity) will not be enough."

[Read more](http://www.project-syndicate.org/commentary/tradable-prosperity)