Michael Spence is a Nobel Prize-winning economist from the Stern School of Business at New York University. In his new book The Next Convergence: The Future of Economic Growth in a Multispeed World he explores the growth of developed nations, the opportunities through technology and the influence of climate change.
He says this is a period of major transition and we will have to adapt to it. I ask whether that means the developed world will have to get used to a lower standard of living. The answer, it seems, depends on how well we adapt.
Interestingly, despite such major forces of change, the place in the world for countries like the US, UK and Australia is rarely discussed. For example, what does Australia need to do to position itself favourably in the global economy of the future?