Market or State?

The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure

Sunday, April 10, 2011

Moderator:  Roman Frydman – Professor of Economics, New York University

Panelists:
Phillipe Aghion - Professor Economics, Harvard University
William Janeway - Warburg Pincus
William Lazonick – Professor, Economics, University of Massachusetts

Discussants:  
Ha-Joon Chang - Reader, Political Economy of Development, University of Cambridge
Peter Jungen - Peter Jungen Holding GmbH

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State-owned firms are not as innovative as private firms. But it does not follow, Philippe Aghion says, that government ought to be small. Government is needed as investor in the economy’s productive capacity – R&D, education, green innovation – as well as insurer against market risks. Aghion calls for a competition-friendly industrial policy to address inefficiencies, in particular in path-dependent dirty industries.

Philippe Aghion is Professor of Economics at Harvard University. He is speaking in the panel "The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure?" at the Bretton Woods Conference on April 10, 2011.

Aghion is introduced by Roman Frydman, to whom the key question of this panel is whether public infrastructure investment can raise overall productivity to the point where additional tax revenues pay for the investment.

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William Janeway, Senior Advisor at Warburg Pincus, speaking in the panel "The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure?" at the Bretton Woods Conference on April 10, 2011.

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William Lazonick is Professor of Economics at the University of Massachusetts, speaking in the panel "The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure?" at the Bretton Woods Conference on April 10, 2011.

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Ha-Joon Chang is a faculty member in the department of Political Economy of Development, University of Cambridge, speaking in the panel "The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure?" at the Bretton Woods Conference on April 10, 2011.

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Peter Jungen, Chairman of Peter Jungen Holding GmbH, speaking in the panel "The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure?" at the Bretton Woods Conference on April 10, 2011.

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Roman Frydman, Philippe Aghion, William Janeway, William Lazonick, Ha-Joon Chang, and Peter Jungen, taking questions from the audience in the panel "The Market or the State? Can market Forces Deliver Innovation, Education, and Infrastructure?" at the Bretton Woods Conference on April 10, 2011.