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Europe Cannot Let US, China Be 'Technological Leaders': Nobel Laureate Aghion
Philippe Aghion warns Europe risks falling behind the US and China without stronger innovation policies and a better financial ecosystem, amid a widening wealth gap since the 1980s.
- On Monday, Philippe Aghion warned Europe not to let the United States and China become technological leaders and shared this year's Nobel economics prize with Joel Mokyr and Peter Howitt.
- Historical data show the wealth gap between the US and European Union widened after the mid-1980s, while Mario Draghi, former head of the European Central Bank, called last year for 750 billion euros annual investment.
- On barriers, he noted `We don't have a proper financial ecosystem of innovation` and said European policymakers lack policies and institutions for breakthrough high‑tech.
- The award honoured Aghion and Peter Howitt for a theory of sustained growth explaining how new products displace older firms.
- For context, Joel Mokyr, laureate, won the other half for using historical sources, and the Nobel economics prize includes a $1.2 million cheque.
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The French economist, awarded with Peter Howitt and Joel Mokyr, calls on European countries not to let China and the United States monopolize technological innovation. ...
·Brussels, Belgium
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Europe cannot let US, China be 'technological leaders': Nobel laureate Aghion
One of the winners of this year's Nobel economics prize, France's Philippe Aghion, on Monday warned Europe that it must not let the United States and China dominate technological innovation.
According to Philippe Aghion, the economic gap with the USA is due to too little innovation in the high technology sector.
Philippe Aghion again spoke about the gap between the United States and the euro area, which happened because Europe was unable to implement major technological innovations
·Portugal
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Total News Sources28
Leaning Left1Leaning Right5Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
C 57%
R 36%
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