INTERVIEW – For the professor at the Collège de France, France can catch up in this field because it has serious advantages.
Le FIGARO.- At 0.2 % in the first quarter, French growth is very sluggish. How do you explain it ?
Philippe AGHION.- First of all, I believe, it is the impact of falling unemployment and increasing labor retention. On average, new entrants to the labor market are not as productive as those already employed. The macroeconomic situation also played a role, with the rise in interest rates and the rise in energy prices.
The disconnect with the United States is increasing…
Americans were starting from a higher employment level and were therefore not subject to a similar increase in their employment rate. Furthermore, they suffered less than us from the rise in energy prices, and above all, they stimulated their economy with the Inflation Reduction Act (IRA). To combat inflation, which results from an increase in demand relative to the supply of goods and services, you can reduce demand through a…
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