The case for growth – Why progress still matters
Jump directly to
The case for growth – Why progress still matters
Jump directly to
Prof. Philippe Aghion is Centennial Professor of Economics at the London School of Economics and Fellow of The Econometric Society and of the American Academy of Arts and Sciences. He is one of the most prolific and influential economists of his generation. His main research is on economic growth and the theory of contracts and organizations. With Peter Howitt, he developed the so-called Schumpeterian Growth Paradigm, and extended the paradigm in several directions; much of the resulting work is summarized in his joint book with Howitt entitled "Endogenous Growth Theory". Aghion is the co-recipient of the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for the theory of sustained growth through creative destruction.
David Hémous received his PhD from Harvard University in 2012. He is a macroeconomist working on economic growth, climate change and inequality. His work highlights that innovation responds to economic incentives and that public policies should be designed taking this dependence into account. In particular, he has shown in the context of climate change policy that innovations in the car industry respond to gas prices and that global and regional climate policies should support clean innovation to efficiently reduce CO2 emissions. His work on technological change and income distribution shows that higher labor costs lead to more automation, and that the recent increase in labor income inequality and in the capital share can be explained by a secular increase in automation. He has also shown that innovation affects top income shares. He was awarded an ERC Starting Grant on 'Automation and Income Distribution – a Quantitative Assessment' and he received the 2022 'European Award for Researchers in Environmental Economics under the Age of Forty'.
Diego Känzig is an Assistant Professor in the Department of Economics at Northwestern University, a Faculty Research Fellow at the National Bureau of Economic Research, and a Research Affiliate at the Centre for Economic Policy Research. He also serves as an Associate Editor at the Journal of the European Economic Association. His research in macroeconomics examines how climate change and the low-carbon transition affect economic activity and welfare, how disruptions in energy markets, supply chains, and trade propagate through the economy, and how heterogeneity and expectations shape macroeconomic dynamics and policy transmission. A unifying theme is identification: while much empirical work relies on cross-sectional variation, Känzig uses time-series variation from financial markets, narrative records, and natural climate variation to identify the aggregate effects of major global shocks and policies.
Betsey Stevenson is a professor of public policy and economics at the University of Michigan. She serves on the Board of Directors of Lyft, Inc., and holds affiliations with NEBR, CEPR, the Ifo Institute, and the National Academy of Social Insurance. She previously served on the Biden-Harris Treasury transition team, on President Obama's Council of Economic Advisers, and as Chief Economist of the U.S. Department of Labor, with earlier posts at Princeton and Wharton. Her research examines the labor market, women's labor market experiences, and the economic forces shaping the modern family and macroeconomy. She is coauthor of the Principles of Economics textbook series and is frequently featured in the media.
Prof. Philippe Aghion is Centennial Professor of Economics at the London School of Economics and Fellow of The Econometric Society and of the American Academy of Arts and Sciences. He is one of the most prolific and influential economists of his generation. His main research is on economic growth and the theory of contracts and organizations. With Peter Howitt, he developed the so-called Schumpeterian Growth Paradigm, and extended the paradigm in several directions; much of the resulting work is summarized in his joint book with Howitt entitled "Endogenous Growth Theory". Aghion is the co-recipient of the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for the theory of sustained growth through creative destruction.
David Hémous received his PhD from Harvard University in 2012. He is a macroeconomist working on economic growth, climate change and inequality. His work highlights that innovation responds to economic incentives and that public policies should be designed taking this dependence into account. In particular, he has shown in the context of climate change policy that innovations in the car industry respond to gas prices and that global and regional climate policies should support clean innovation to efficiently reduce CO2 emissions. His work on technological change and income distribution shows that higher labor costs lead to more automation, and that the recent increase in labor income inequality and in the capital share can be explained by a secular increase in automation. He has also shown that innovation affects top income shares. He was awarded an ERC Starting Grant on 'Automation and Income Distribution – a Quantitative Assessment' and he received the 2022 'European Award for Researchers in Environmental Economics under the Age of Forty'.
Diego Känzig is an Assistant Professor in the Department of Economics at Northwestern University, a Faculty Research Fellow at the National Bureau of Economic Research, and a Research Affiliate at the Centre for Economic Policy Research. He also serves as an Associate Editor at the Journal of the European Economic Association. His research in macroeconomics examines how climate change and the low-carbon transition affect economic activity and welfare, how disruptions in energy markets, supply chains, and trade propagate through the economy, and how heterogeneity and expectations shape macroeconomic dynamics and policy transmission. A unifying theme is identification: while much empirical work relies on cross-sectional variation, Känzig uses time-series variation from financial markets, narrative records, and natural climate variation to identify the aggregate effects of major global shocks and policies.
Betsey Stevenson is a professor of public policy and economics at the University of Michigan. She serves on the Board of Directors of Lyft, Inc., and holds affiliations with NEBR, CEPR, the Ifo Institute, and the National Academy of Social Insurance. She previously served on the Biden-Harris Treasury transition team, on President Obama's Council of Economic Advisers, and as Chief Economist of the U.S. Department of Labor, with earlier posts at Princeton and Wharton. Her research examines the labor market, women's labor market experiences, and the economic forces shaping the modern family and macroeconomy. She is coauthor of the Principles of Economics textbook series and is frequently featured in the media.
In the post-war era, economic growth seemed almost self-sustaining, remaining resilient even after the 1973 oil crisis. Public debate then centered not on generating growth but on limiting it – a debate famously sparked by the Club of Rome’s The Limits to Growth and still echoed today. Now, however, fear has shifted: many expect the next generation to be worse off than the last.
With Western European GDP growth hovering near a modest 1%, pressing questions arise: Is Europe caught in a structural growth crisis? Will artificial intelligence spark a new productivity paradigm or merely disrupt markets? How hard will demographic decline weigh on prosperity, and what will climate adaptation ultimately cost?
These are the questions this Forum sets out to address, bringing together leading researchers to move beyond rhetoric and examine what the evidence truly shows.
Growth is not automatic. It happens when new ideas displace old ones and it stalls when yesterday’s successful innovators use their position to keep tomorrow’s out. So why are the winners the greatest threat to the growth still to come? Today’s great hope is AI. But how much growth it will actually deliver remains an open question: Economists’ estimates differ by a factor of ten. And Europe? It excels at basic research yet rarely turns it into breakthroughs – an institutional weakness with consequences well beyond the economy.
Philippe Aghion, 2025 Nobel laureate in economics and professor at the Collège de France and INSEAD, traces these questions back to a single mechanism: creative destruction, the theory he helped establish.
Growth is back on the agenda. But what does it take – and what is it ultimately worth? Three leading economists approach the question of growth from different angles: David Hémous is known for his research on innovation, arguing that technological progress is indispensable if economic growth and ambitious climate goals are to go hand in hand. Diego Känzig has reshaped the debate on the economics of climate change by showing that its long-term costs – and with them the social cost of carbon – may be far higher than previously assumed. Betsey Stevenson is internationally recognized for her research on well-being and labor markets, demonstrating that economic growth continues to improve people’s life satisfaction even in the world’s richest countries. Together, they offer a unique perspective on the opportunities, limits, and ultimate purpose of economic growth. Following three short keynote talks, the speakers will join a panel discussion and engage with the audience in a live Q&A session.
This is a free, public on-site event with access via livestream on YouTube. On-site access will be granted to registered guests on a first-come, first-served basis as space is limited. Your registration will not guarantee a seat in the auditorium.
In the post-war era, economic growth seemed almost self-sustaining, remaining resilient even after the 1973 oil crisis. Public debate then centered not on generating growth but on limiting it – a debate famously sparked by the Club of Rome’s The Limits to Growth and still echoed today. Now, however, fear has shifted: many expect the next generation to be worse off than the last.
With Western European GDP growth hovering near a modest 1%, pressing questions arise: Is Europe caught in a structural growth crisis? Will artificial intelligence spark a new productivity paradigm or merely disrupt markets? How hard will demographic decline weigh on prosperity, and what will climate adaptation ultimately cost?
| 15.00 |
Door opening |
| 15.30 |
Zurich Lecture of Economics in Society: The power of creative destruction and the AI revolution Nobel laureate Philippe Aghion (Collège de France, INSEAD) |
| 17.00 |
Cocktail reception |
| 17.30 |
Panel: Greener, richer, happier? Economic growth and what it’s worth David Hémous (Universität Zürich) Diego Känzig (Northwestern University) Betsey Stevenson (University of Michigan) Moderation: Carolin Roth |
| 19.00 |
End of event |
| 15.00 |
Door opening |
| 15.30 |
Zurich Lecture of Economics in Society: The power of creative destruction and the AI revolution Nobel laureate Philippe Aghion (Collège de France, INSEAD) |
| 17.00 |
Cocktail reception |
| 17.30 |
Panel: Greener, richer, happier? Economic growth and what it’s worth David Hémous (Universität Zürich) Diego Känzig (Northwestern University) Betsey Stevenson (University of Michigan) Moderation: Carolin Roth |
| 19.00 |
End of event |