Michael Spence

One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes.

The research side of academic life is often viewed from the outside as a solo and, at times, lonely activity. In fact, it is quite the opposite: a communal activity in significant part where interaction and interchange generate ideas and critiques of them.

It is a wonderful and unexpected honor to receive the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Receiving this prize with Joseph Stiglitz and George Akerlof, whose work I have learned from and admired, makes it even more gratifying.

I found during my time covering the NHL that the enforcers were some of the most accessible guys and the most low-key guys. I think that's somewhat of a natural thing. I don't know if that's because it's the big guy that everybody fears, and then you're sort of surprised and taken by the fact that he's actually a nice guy.

If a man made himself an expert in any particular branch of human activity, there would result the strong tendency that a peculiar aptitude towards the same branch would be found among some of his descendants.