An American Economist and a Nobel Memorial Prize winner in the Economic Science field. Spence is a management's professor emeritus of Stanford University's Graduate School of Business, and also a Hoover Institution's, a free-market think tank based on Stanford, senior fellow. In 2001, Spence received the Nobel Prize along with his companions George Akerlof and Joseph Stiglitz for his information asymmetry analysis – how individuals can use their education credentials as a signal to potential employers in particular. Spence also received the prestigious John Bates Clark medal. Spence shared his knowledge on business administration and economics at the Harvard unversity before teaching at Stanford.