The 2023 Tsinghua Management Global Forum was held at Tsinghua University on Wednesday. The forum featured a conversation with Michael Spence, professor emeritus of management at Standard University and winner of the 2001 Nobel Prize in Economics, who shared insights on how to rebuild the global economy.
Michael Spence, Professor Emeritus of Business Administration at Standard University and winner of the 2001 Nobel Prize in Economics, will deliver the keynote speech at the 2023 Tsinghua Management Global Forum to be held in Beijing on October 18, 2023. [Photo provided to China.org.cn]
In his keynote address on the future of the global economy, Mr. Spence provided a detailed analysis of long-term inflation, aging issues, technological advances including AI, as well as major changes in the supply side and productivity.
Spence observed that the global economy is slowing. He gave several examples of supply disruptions and supply chain balance bottlenecks. Additionally, post-pandemic inflation has emerged as a major issue due to a significant surge in demand and central bank interest rate hikes, he said.
Spence said 35 years of massive injections of production capacity will come to an end next year. Other issues, such as an aging and shrinking workforce, also held back the global economy.
Spence pointed out that advances in science and technology will bring about major changes. When it comes to sustainability, he said the plethora of new technologies accompanying the large-scale energy transition is another big change taking place around the world, and China is playing a big role in bringing down the price of solar power. Ta.
Michael Spence, Professor Emeritus of Business Administration at Standard University and winner of the 2001 Nobel Prize in Economics, and Bai Chonggen, Dean of the School of Economics and Management at Tsinghua University, hold a dialogue at the 2023 Tsinghua Management Global Forum held in Beijing in October. conduct. 18th, 2023. [Photo provided to China.org.cn]
During the dialogue session, Mr. Spence and Bai Chonggen, dean of Tsinghua University's School of Economics and Management, discussed topics such as the latest developments in AI technology, China's communication with the world, and globalization.
In response to Bai's question about AI, Spence said that generative AI like ChatGPT represents a technological advance, not replacing humans but facilitating them as digital assistants. He said he was deaf.
The digital divide has now emerged as a major issue in global AI development, as AI development requires vast resources and training language models at scale remains difficult in some countries. . Mr Spence said the issue should be taken seriously and included on the policy agenda.
Additionally, Mr. Spence said that, facing multiple changes and uncertainties on the supply side after World War II, the global economy cannot sustain rapid growth and therefore should adopt flexible policies and oversight. He proposed the concept of managed globalization. He said technological breakthroughs could provide a solution.