The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations

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 21^st 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.

You are welcome to send your questions in advance to event@zew.de.