Mariana Mazzucato is Professor in the Economics of Innovation, University of Sussex, author of The Entrepreneurial State: debunking public vs. private sector myths (Anthem Press / Public Affairs) and co-editor of Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth (Wiley-Blackwell).
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Mission-oriented public investment is vital to spur a revival of private-sector investment
“The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.” John M. Keynes, The End of Laissez Faire, 1926 (p. 44)
Recent work has highlighted the need for innovation investments to be understood through a mission oriented approach rather than a market failure one (Foray et al. 2012). However, this work has only focused on state agencies, such as DARPA, overlooking the role of public financial institutions such as state investment banks.
is the public sector really sclerotic and conservative in contrast with a dynamic and innovative private sector?
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As the world turns upside down, Mariana Mazzucato discusses how to shape an economy that works for everyone
Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?
Public funding behind the technology is the secret ingredient.
How should the government recoup the benefits from the fruits of its research? And what role should the government play going forward in important areas such as clean tech?