The event will be available to watch via a livestream (no registration required).
Note: 6 pm (CEST, Central European Summer Time) / 12 noon (EDT, Eastern Daylight Time)
Both Europe and Germany are facing unprecedented challenges. National market economies need to navigate the digital transformation of the market while advancing environmentally friendly practices. At the same time, societies need to prepare for future crises that might follow after the Covid-19 pandemic. Philippe Aghion is one of the world’s leading experts on the Schumpeterian Growth Model. His new book „The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations“, co-written by Celine Antonin and Simon Bunel, advocates to use market power to master historic challenges, by implementing effective regulations and incentives. Aghion suggests ways to stimulate industrial dynamics through strategic competition policy. He also explains how adapting regulations could create new jobs and reduce inequality, as well as how tax reforms and strategic, economic incentives will help fight climate change.
Based on Schumpeters’ ideas Aghion demonstrates how the force of creative destruction can be used to our benefit; and reevaluates the foundation of our economic success. Over the last two hundred years, our prosperity was secured through innovation and technical progress enabled by the free market. As innovation and destruction are closely linked, capitalism of the 21st century needs to be creative and destructive at the same time, says Aghion. Following the brief book presentation, Professor Philippe Aghion and ZEW-President Professor Achim Wambach will discuss the role of the government in advancing innovation, regulations on state interference, and what competition policy requires to become more effective in giving new businesses easier access to the market and to achieve lasting growth.
We would like to thank the ZEW – Sponsors’ Association for Science and Practice for its support of the event.
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Philippe Aghion is a Professor at the College de France and at INSEAD, a visiting professor at the London School of Economics, and a fellow of the Econometric Society and of the American Academy of Arts and Sciences. His research focuses on the economics of growth and innovation. With Peter Howitt, he pioneered the so-called Schumpeterian Growth paradigm. Much of this work is summarized in their joint book Endogenous Growth Theory (MIT Press, 1998) and The Economics of Growth (MIT Press, 2009), in his book with Rachel Griffith on Competition and Growth (MIT Press, 2006), and in his survey “What Do We Learn from Schumpeterian Growth Theory” (joint with U. Akcigit and P. Howitt). In 2001, Philippe Aghion received the Yrjo Jahnsson Award of the best European economist under age 45, in 2009 he received the John Von Neumann Award, andin March 2020 he shared the BBVA “Frontier of Knowledge Award” with Peter Howitt for “developing an economic growth theory based on the innovation that emerges from the process of creative destruction”. More recently Philippe Aghion produced a new book entitled “The Power of Creative destruction” (Odile Jacob, Harvard University Press) joint with C. Antonin et S. Bunel. While providing a reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction also shows that a fair and prosperous future is ultimately ours to make.