The Nobel Prize winner said that India has successfully built the best digital economy and financial architecture in the world.
Noida:
Nobel Prize winner in economics Michael Spence pointed out that India is currently the major economy with the highest potential growth rate, and India has successfully developed the best digital economy and financial architecture in the world so far.
Spence, the 2001 Nobel Prize winner in economics, shared his views during an interaction with students and faculty at Bennett University, Greater Noida, on Monday.
“The major economy with the highest potential growth rate is currently India. India has successfully developed by far the best digital economy and financial architecture in the world. It is open, competitive and provides inclusive services to a vast territory,” according to the university in a statement, the Nobel laureate said.
Spence also noted that the world is experiencing “some kind of regime change in the global economy.”
When reviewing the evolution of the global economy after World War II, Spence said that the 70-year-old global system is “collapsing” due to epidemics, geopolitical tensions, climate shocks and other reasons.
He stressed that the global system – built on economic standards such as global supply chains centered on considerations of efficiency and comparative advantage – is undergoing rapid transformation, noting that “in a world vulnerable to shocks, there is no place for single sourcing.” meaningful” “.
As the center of gravity steadily shifts eastward, the global economy has undergone fundamental changes, supply chains have become more diversified, and global governance has become more complex.
Despite the challenges, he said, what is optimistic is the affirmative answer to the question: Do we have countermeasures to improve human well-being? He also outlined the tremendous advances in science and technology that are helping to improve human well-being, including generative artificial intelligence, the biomedical life sciences revolution, and the massive energy transition.
He cited competitive solar pricing as an example, noting that the cost of DNA sequencing has dropped from $10 million to $250 now. However, he added that this technological growth also has a negative side, emphasizing its availability to both large and small businesses.
“We now have extremely powerful scientific and technological tools that, if used correctly, can fundamentally improve welfare and opportunity for a wide range of people,” said Spence, who is recognized for his analysis of markets for asymmetric information.
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