Éric Heyer at Clermont SB:
Key Takeaways

A rich, stimulating and highly educational presentation

From the very beginning, the economist highlighted the surprising resilience of French companies. They have managed to maintain a high level of confidence thanks to:

• strong order books,
• a gradual easing of supply chain pressures,
• improving recruitment conditions.

However, this momentum contrasts with a more paradoxical situation among households: despite historically high levels of financial savings, consumption remains sluggish, slowing national economic growth. A complex situation that reflects lingering uncertainties and a more cautious approach to spending.

His intervention also helped put current debates on productivity into perspective. According to Éric Heyer, the apparent decline observed in recent years must be interpreted carefully: the massive rise in apprenticeships mechanically shifts indicators, as does the temporary presence of economic “zombies” companies artificially kept alive during the health crisis. These elements help nuance hasty conclusions and shed light on structural changes in the labour market.

Discussions with students then shifted to public policy topics, particularly the funding of work-study programmes, the question of their differentiated usefulness depending on the level of study, and the tensions they create in a more constrained budgetary environment. This rich and thought-provoking intervention provided students with valuable keys to understanding the current economic shifts and developing a more informed perspective on today’s world.

An Evening Public Lecture

In the evening, Clermont SB once again had the pleasure of welcoming Éric Heyer, this time before a broader audience, for a conference entitled “Moving Beyond the Low-Cost Model… But at What Cost?” A rare opportunity to hear one of today’s most influential public economists analyse, live, the profound transformations shaping our economy.

Against a backdrop of inflation, ecological transition, evolving consumption patterns, and changes in the labour market, his talk provided essential insights to:

• better understand today’s major economic challenges,
• assess their impacts on companies, consumers, and society at large.

This key moment allowed everyone to take a step back, approach the gradual shift away from the “all low-cost” model with greater clarity, and consider the evolution of domestic demand and the challenges posed by ecological and geopolitical transitions.