The Nobel Prize in Economics this year goes to a Frenchman. Philippe Aghion was awarded the prestigious prize alongside two other researchers for their work on the impact of new technologies in accelerating growth. Bolstered by his new distinction, he took the opportunity to weigh in on the current political debate, lambasting the Rassemblement National (RN) party for what he called incompetence and amateurism. His judgement did not fail to elicit an angry response from Marine Le Pen’s party.
Before being honoured by the Swedish Academy, Philippe Aghion had a long career in both politics and academia. Now a professor at the Collège de France, Aghion was once a member of the Communist Party. He is also known in France for having been Emmanuel Macron’s former advisor during the 2017 presidential campaign.
He was one of the main inspirations for the candidate’s programme, while serving as finance minister under socialist president François Hollande. His guiding principle was to encourage innovation to increase the country’s overall wealth: “For me, the idea behind Macron’s programme was to free up the economy so that we could innovate more, but at the same time achieve much greater social mobility through training, education, etc. And at the same time, to extend social protection to everyone,” he explained in 2018 on public radio station France Inter.
The least we can say is that Aghion’s advice did not really bring Macron luck as a candidate. Although he was elected president—twice, in fact—he is responsible for one of the worst economic and financial records in recent French history.
This is why Aghion’s latest statement, demolishing the economic proposals of the RN, the leading opposition party, has been given a cool reception.
On Monday, October 27th, Aghion was invited onto the RFI television programme and launched a full-scale attack on the ‘counter-budget’ proposed by the RN a few days ago in response to the government’s plans. The RN claimed it could propose a budget based on a €50 billion reduction in public spending, a €31 billion increase in state revenues and €45 billion in tax cuts.
The figures were intended to set a course—the RN’s main criticism of previous budgets being that they lacked any political vision: “I would remind you that a budget is the financial translation of political choices. It is not an Excel spreadsheet with pluses and minuses, it is not a series of measures. Ultimately, of course, it is an economic balance, but above all it is a political balance,” explained Marine Le Pen.
This programme is considered “unrealistic” by Aghion, who echoes the usual criticisms of the RN’s detractors: measures that are “not applicable in 2026,” “unconstitutional” and “greatly overestimated.”
Aghion believes that the amounts put forward by the RN for savings on immigration and national preference are completely fanciful, as the announced savings on fraud. “If only we knew how to save €5 billion on fraud!” he sarcastically insisted. As for the planned savings on the European Union budget (€8.7 billion), they “are contrary to the treaties,” said the economist.
For the RN, the criticism is, in fact, a godsend. Opponents of the RN often try to discredit their policies by deeming them unworkable—an attitude that fuels the RN’s argument that the failure of the country’s current reforms is primarily due to a lack of tenacity and political will. Where there is a will, there is a way, as the saying goes.
“They are amateurs. They are not serious people. They are not capable of running France. I would not entrust them with the reins of government. They are incompetent,” the Nobel Prize winner concluded. But Aghion fails to realise that his statements are having the opposite effect to that intended. Given Macron’s unpopularity and poor results—punished by an unprecedented downgrade of France’s grade by rating agencies—claiming today that the RN would be incapable of running France is more of a compliment and a source of hope for many French people.
“Philippe Aghion, Nobel Prize winner in economics, criticises the RN’s programme? Thank you, Philippe! Indeed, we will not follow the advice of someone who has failed at everything, a supporter of Hollande and Macron!” exclaimed Laurent Jacobelli, spokesman for the RN. Le Pen, for her part, pointed out that the RN had absolutely no responsibility for the current deterioration of France’s public finances—the only French party that can boast about that.
