Andrew Michael Spence (born November 7, 1943) is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University. In the current technological environment—with ever more abundant information flows about market development, prices, profit margins, investment instruments and rates of return—their work is more relevant than ever.
Michael Spence is probably most famous for his job-market signaling model, which essentially triggered the enormous volume of literature in this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly.
Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment," which is caused by growth in aggregate demand or observed output.
As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic aspects of the development process in low-income countries.
As economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure.
Verse 1 (Flow)
What I rep? 6S
... No, I'm not coming in yet.
... Alright
Sitting here alone, trying to catch this feeling that I'm feeling
While these women steady hitting up my phone,
I'm using it to write, I"m using it for life because sh*t be getting hard
And you don't listen when I talk, so I spit it to the mic,
Then I play it back like it's my only track, run it back another time
Let me memorize the lines, thinking in my mind
"Should I find another rhyme?"
Then again, they call me Flow, so just leave it like that,
Can't erase the past,
Lo que paso paso, I know, even when it's bad,
What you about to do?
We can't sit around now bro, we gotta move,
Gotta grow, gotta choose, our own paths,
Reach far for the stars, and try to grab,
Gone and let them laugh, and smile back,
And tell them "Watch this hoe. I'ma get offcial."
Then before you know, you're wondering "where my chick go",
See my ride by, and we're looking so slick (woah)
I ain't trying to stunt, really want to play a big role,
Trying to be rewarded for extraordinary sh*t yo,
Feeling we should get more out, because we put in hella,
Know they used to hate so yeah, they should get jealous,
Don't want to make it rain, would rather lift umbrellas G,
I work hard for my celery,
And I... I... don't want to be, a celebrity,
No... I... I... don't want to be, a celebrity,
No... uh...
So just give me the fortune... and...
And you can keep the fame... because...
It ain't the same... I don't need to be... no
*Chorus*
No... No... Don't want to be...
I... I... I... Don't...
Don't need to be...
No... No... No... No...
Don't gotta be, no celebrity...
I don't... but... watch me grow
Verse 2 (PJ)
I know you're like "Damn, who is this group?"
I want the fortune and some fame, and a Benz coupe,
We're gonna ride it 'til the wheels fall off,
We're growing? Damn... look at the way that sh*t bloom,
I'm creating the best, you're creating the worst,
Candy color coordinated, watch a star burst,
Your girl loves, I know, I love it too,
I'm about growth, what a grown man does,
Wasup? Throw the deuce sign,
We give peace to the World with these [Young] Duece rhymes,
I'm taking over, getting smarter, making pathways,
Because you only live once, never know your last day,
That's what I stand by, I advise you to get near it,
People on that mess? My opinion, you should clear it.
And I don't need to be a celebrity,
I'll take the paper, success is my melody,