Nobel Laureate Michael Spence, speaking at Times Group’s Bennett University, lauded India’s economic prowess, declaring it the major economy with the highest growth rate.
Michael Spence At Times Group’s Bennett University
Nobel Laureate Michael Spence, speaking at Times Group’s Bennett University, lauded India’s economic prowess, declaring it the major economy with the highest growth rate. The esteemed economist expressed unwavering optimism, asserting, “I don’t see any reason why India can’t grow something on the order of 7 per cent on a sustained basis.”
Definition Misalignment: Michael Spence argues that cryptocurrency doesn’t fit the criteria of a currency due to its lack of stability as both a store of value and a medium of exchange
Unreliable Store of Value: He highlights the impracticality of considering cryptocurrency as a store of value when its value can fluctuate by 20-30% in a week, casting doubt on its reliability.
Niche Currency Usage: Spence suggests that cryptocurrencies primarily attract individuals seeking anonymity in the darknet, restricting their perceived utility to a specific group.
Control and Security: Spence endorses CBDCs, emphasizing their similarity to regular currencies with central banks ensuring control, and highlighting their potential to address extreme data security challenges.
Ongoing Transition: Spence observes the global shift towards digital economies and financial systems, asserting that currencies are following suit.
Impracticality of Fully Decentralized Economy: Spence dismisses the idea of a completely decentralized economy, stating that a currency entirely decentralised is neither feasible nor likely.
Sustained 7% Growth: Spence expresses optimism about India’s growth potential, seeing no impediment to the country sustaining a 7% growth rate.
Resilient Outlook: Despite acknowledged challenges, Spence maintains a positive outlook, believing in India’s ability to achieve consistent and robust economic growth.
Confident Growth Projection: Spence’s belief in India’s growth potential reflects confidence in the nation’s capacity for sustained economic expansion.
Watch Full Video | Nobel Laureate Michael Spence | Bennett University