French economist Philippe Aghion explains research behind Nobel prize win, hails creative influences скачать в хорошем качестве

French economist Philippe Aghion explains research behind Nobel prize win, hails creative influences

(13 Oct 2025) RESTRICTION SUMMARY: ASSOCIATED PRESS Paris - 13 October 2025 1. Nobel Prize for Economics winner Philippe Aghion speaking on phone 2. Tilt up of Aghion 3. SOUNDBITE (English) Philippe Aghion, Nobel Prize for Economics winner: "We constructed a new growth model, which we now refer to (as) the Schumpeterian growth model, and the three main ideas that underlie the growth of this model is first that long-run growth is driven by cumulative process of innovation where each innovator builds upon previous innovation. Second idea, innovations do not come from heaven, they are generated by entrepreneurs, and the entrepreneurs, they do R&D, they pursue innovation because they know that if they innovate they will get innovation grants, they have a better product, a cheaper way to produce, they will get grants from it, OK. And the third idea is creative destruction, new innovations displace old technologies. And what's very interesting is at the heart of this paradigm, there is a contradiction. On the one hand, you need innovation grants to encourage innovation activities, but on the other hand, yesterday's innovators are tempted to use their grants to prevent subsequent Innovations, they don't want to become themselves subject to creative destruction. And so managing a market economy, it's how to manage this contradiction. You need to give grants, but at the same time you have to make sure to innovators that yesterday's innovators will not use their grants to discourage subsequent innovators and and that makes this paradigm very interesting. There is a whole political economy of growth there." 4. Various of Aghion in his home 5. SOUNDBITE (English) Philippe Aghion, Nobel Prize for Economics winner: "We need an integrated market for innovation. If you innovate, you need to have a big market. In the US, they have a big market for innovation. China also is a big market. You know, the European market is divided; we don't have the single market, because there is this practice of gold plating, whereby each country has its own regulations to European regulation, to EU regulation, so that's not good. So, we need an integrated market to have competition and a large market for innovation. Second thing, we don't have a proper financial ecosystem of innovation. Venture capital is underdeveloped, institutional investors are almost non-existent. They play a big role in the US to finance breakthrough innovation. And third, we don't have the equivalent of the DARPA, of the Defense Advanced Research Projects Agency, which is a very modern way to do industrial policy. It's a way to do industrial policy which is pro-competition. Money comes from a ministry where you have team leaders from academia or industry and they elicit competing projects. It was true in defense and space with DARPA, it was true with vaccines - mRNA center with BARDA, which is the equivalent of DARPA." 6. Aghion talking on phone 7. SOUNDBITE (English) Philippe Aghion, Nobel Prize for Economics winner: "I am a big fan of the flex security system of Denmark. We should emulate the flex security. You lose your job for two years, you get 90% of your salary and the state helps you retrain and find you a new job. I believe that system is superior. We need to have a Danish system of labor market management. I think that will make a huge difference. It will make, it will allow us to manage creative destruction much more efficiently." 8. Aghion walking around room speaking on phone 9. SOUNDBITE (English) Philippe Aghion, Nobel Prize for Economics winner: 10. Various of Aghion's books 11. Aghion sitting on couch reading STORYLINE: Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...