French economist Philippe Aghion was awarded the 2025 Nobel Prize in Economics on Monday, October 13, alongside Joel Mokyr, an Israeli-American, and Peter Howitt, a Canadian, for their work on the impact of new technologies on economic growth. This interview was originally published in French on October 10, before he was attributed the prize.

A French economist born in 1956, Philippe Aghion is a specialist in growth and innovation. A professor at the Collège de France, INSEAD, and the London School of Economics, he developed the theory of Schumpeterian growth. His work highlights the importance of competition and investment in education and environmental policies.

How would you define economic power today?

Economic power rests on several elements, including currency, the ability to borrow from the rest of the world, and influence in global trade. But more than ever, in my view, the key factor is technological leadership. The American economy is powerful because the United States is the most innovative. It leads other countries in breakthrough innovations and in high-tech sectors: digital technology, artificial intelligence (AI), and biotechnology. This enables the US to control value chains, demonstrate its commercial strength and guarantee the dollar’s dominance by attracting foreign savings to finance its debt.

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