2025 Nobel Laureate Philippe Aghion argues that creative destruction is not chaos — it is the mechanism of sustained prosperity. In this keynote conversation, he explains why new firms without the "past dependence" of dirty innovation are leading the energy transition, and why Europe must combine competition policy with industrial policy to avoid being dominated by a handful of AI superstars.

WHAT THIS PANEL COVERS

• Creative destruction explained: new innovators displace incumbents, but yesterday's winners use their rents to block the next wave
• Past dependence in energy: firms that innovated in fossil fuels tend to keep innovating in fossil fuels — only new entrants break the cycle
• Three pillars of inclusive growth: education (reducing "lost Einsteins"), flex security (Denmark's 90% salary replacement model), and competition policy
• The AI concentration risk: Google, Microsoft, and Amazon dominate the upstream value chain — open source and Europe's regulatory environment can create alternatives
• Advice to the next generation: be persistent, embrace failure, and innovate in technology and in social organization

PANELISTS

• Marco Arcelli — CEO, ACWA Power (Moderator)
• Prof. Philippe Aghion — 2025 Nobel Laureate in Economics, College de France & LSE

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Tags: creative destruction, Nobel Prize economics, Philippe Aghion, innovation, energy transition, competition policy, industrial policy, AI concentration, inclusive growth, flex security, Schumpeter, education, venture capital, Europe competitiveness, WEF Davos 2026