Digitization, increased connectivity, and falling costs are changing the nature of innovation across the globe and driving the creation of new innovation hubs. How can the public and private sectors work together to build thriving hubs of innovation that generate more inclusive economic growth and better opportunities, particularly in emerging markets?

Nobel laureate economist Michael Spence believes better models are necessary to predict how supply chains will evolve, including their responses to shocks. He argues these forecasts need to be publicly available so all participants can see them and adapt, and artificial intelligence is the key to the success of this.

India’s mobile-Internet and digital-services ecosystem has grown rapidly over the past five years, owing to the pioneering efforts of large private-sector players. This industry-led growth is somewhat unusual, argues Canadian-American economist and Nobel laureate Michael Spence, but it offers a model that could benefit other developing countries.