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.

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.

My father once said about being a parent that it is the only thing you do that requires a very long period of learning, and at about the time that you are becoming competent, you don't need the skills anymore. Notwithstanding this modest assessment of their parenting skills, they were wonderful parents.

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.

The mission of Patrick Henry College was to attract and cultivate academic stars from the ranks of home-schooled evangelicals, then send them off on graduation day to 'shape the culture and take back the nation,' in the words of a common home-schooling rallying cry.