Michael spence has long been pointing out the frictions that interfere with efficient markets. He won the Nobel prize in economics for this in 2001, together with George Akerlof and Joseph Stiglitz. In recent years Mr Spence has been preoccupied with the economics of development and growth, and his interest in laissez-faire's flaws has stayed with him. His new book, "The Next Convergence", warns of the frictions that arise when the world tries to accommodate both rapidly-growing emerging giants like India and China and slow-growing developed countries like America.
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