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The 2025 Nobel Prize in Economics has been awarded to Philippe Aghion, professor at the Collège de France, alongside Joel Mokyr (Northwestern University) and Peter Howitt (Brown University), for their work on the impact of new technologies on economic growth.
The Nobel Committee praised their contributions to understanding the role of innovation in the dynamics of economic development. Their research shed light on the concept of creative destruction, inspired by Joseph Schumpeter, which describes how technological innovations transform economies: they boost growth by replacing old production models with new ones that are more efficient and more sustainable.
Their approach has profoundly renewed growth theory by highlighting the importance of competition, support for research, and investment in education and the ecological transition to ensure sustainable progress.
A committed researcher engaged in analysing economic transformations, Philippe Aghion is part of the Louis Bachelier Fellows network, which brings together leading scholars contributing to major contemporary debates on sustainable finance, innovation, and economic transitions.
He has notably contributed to the special issue of the Revue d’Économie Financière (REF) dedicated to artificial intelligence and finance, recently published under the coordination of Marie Brière as part of the Institut Louis Bachelier’s FaIR (Finance and Artificial Intelligence Research) programme.
➡️ Discover the REF special issue – AI & Finance, issue no. 159, titled “Finance in the Age of Artificial Intelligence” (September 2025)
Philippe Aghion also took part in the eighth edition of Conversations A/Venir, organised by the Institut Louis Bachelier and the BNP Paribas Foundation, on the theme:
“Reindustrialisation: How can Europe compete with the United States and China, both engaged in ambitious industrial, technological, and energy policies?”
In his talk, he stressed the urgency of rethinking European industrial policies and fostering innovation without falling into protectionism:
“The pandemic has shown how much deindustrialisation has weakened France. To reverse the trend, we must support research, education, and a dynamic innovation ecosystem, while adapting European economic institutions to compete on equal footing.”
His full intervention is available in replay here:
🎧 Listen to Philippe Aghion’s talk at Conversations A/Venir
Philippe Aghion, born in 1956, is a French economist and professor at the Collège de France, INSEAD, and the London School of Economics. A specialist in growth and innovation, he has profoundly shaped contemporary economic thought by exploring the links between technology, competition, education, and the ecological transition.
In a recent interview with Le Monde, he noted:
“The key factor of economic power is technological leadership. Countries that innovate dominate value chains and attract the resources needed for their growth.”
The Institut Louis Bachelier is honoured to count among its Fellows a major figure in global economic research, whose work sheds light on the challenges of innovation and transition on a planetary scale.
➡️ Discover the REF special issue on AI & Finance
➡️ Replay his intervention at Conversations A/Venir
