Mariana Mazzucato Quotes

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Although there is much talk about small firms creating jobs, and increasingly a focus of policymakers, this is mainly a myth.
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
[A mission-oriented economy] means asking what kind of markets we want, rather than what problem in the market needs to be fixed.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
The State cannot and should not bow down easily to interest groups who approach it to seek handouts, rents and unnecessary privileges like tax cuts. It should seek instead for those interest groups to work dynamically with it in its search for growth and technological change.
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
Governments and central banks were quietly admitting something they were still reluctant to announce publicly: the extraordinary power of private-sector banks lending to determine the pace of money creation, and therefore economic growth.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
…since its founding fathers, the United States has always been torn between two traditions, the activist policies of Alexander Hamilton (1755–1804) and Thomas Jefferson’s (1743–1826) maxim that ‘the government that governs least, governs best’. With time and usual American pragmatism, this rivalry has been resolved by putting the Jeffersonians in charge of the rhetoric and the Hamiltonians in charge of policy. Erik Reinert (2007, 23)
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
Policy is not just about ‘intervening’. It is about shaping a different future: co-creating markets and value, not just ‘fixing’ markets or redistributing value. It’s about taking risks, not only ‘de-risking’. And it must not be about levelling the playing field but about tilting it towards the kind of economy we want.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
In 2012, China announced its plan to produce 1,000 GWs of wind power by 2050. That would be approximately equal to replacing the entire existing US electric infrastructure with wind turbines. Are the United States and Europe still able to dream so big? It appears not. In many countries, the State is asked to take a back seat and simply ‘subsidize’ or incentivize investments for the private sector. We thus fail to build visions for the future similar to those that two decades ago resulted in the mass diffusion of the Internet.
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
In fact, there is not a single key technology behind the iPhone that has not been State-funded.
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
Better understanding the organizational structures that have encouraged problem-solving, risk-taking and horizontal collaborations is thus key to understanding the wave of future radical change.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
His metaphor of the ‘invisible hand’ has been cited ad nauseam to support the current orthodoxy that markets, left to themselves, may lead to a socially optimal outcome–indeed, more beneficial than if the state intervenes
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
It’s not easy to feel good about yourself when you are constantly being told you’re rubbish and/or part of the problem. That’s often the situation for people working in the public sector, whether these be nurses, civil servants or teachers. The static metrics used to measure the contribution of the public sector, and the influence of Public Choice theory on making governments more ‘efficient’, has convinced many civil-sector workers they are second-best. It’s enough to depress any bureaucrat and induce him or her to get up, leave and join the private sector, where there is often more money to be made. So public actors are forced to emulate private ones, with their almost exclusive interest in projects with fast paybacks. After all, price determines value. You, the civil servant, won’t dare to propose that your agency could take charge, bring a helpful long-term perspective to a problem, consider all sides of an issue (not just profitability), spend the necessary funds (borrow if required) and – whisper it softly – add public value. You leave the big ideas to the private sector which you are told to simply ‘facilitate’ and enable. And when Apple or whichever private company makes billions of dollars for shareholders and many millions for top executives, you probably won’t think that these gains actually come largely from leveraging the work done by others – whether these be government agencies, not-for-profit institutions, or achievements fought for by civil society organizations including trade unions that have been critical for fighting for workers’ training programmes.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
Some heterodox economists today argue that growth will fall if finance becomes too big relative to the rest of the economy (industry) because real profits come from the production of new goods and services rather than from simple transfers of money earned from those goods and services.40 To ‘rebalance’ the economy, the argument runs, we must allow genuine profits from production to win over rents–which, as we can see here, is exactly the argument Ricardo made 200 years ago, and John Maynard Keynes was to make 100 years later.41
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
During a recent visit to the United States, French President François Mitterrand stopped to tour California’s Silicon Valley, where he hoped to learn more about the ingenuity and entrepreneurial drive that gave birth to so many companies there. Over lunch, Mitterrand listened as Thomas Perkins, a partner in the venture capital fund that started Genentech Inc., extolled the virtues of the risk-taking investors who finance the entrepreneurs. Perkins was cut off by Stanford University Professor Paul Berg, who won a Nobel Prize for work in genetic engineering. He asked, ‘Where were you guys in the ’50s and ’60s when all the funding had to be done in the basic science? Most of the discoveries that have fuelled [the industry] were created back then.’ Henderson and Schrage, in the Washington Post (1984)
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
We must create more effective interfaces with innovations across the whole of society; rethink how policies are designed; change how intellectual property regimes are governed; and use R& D to distribute intelligence across academia, government, business and civil society. This means restoring public purpose in policies so that they are aimed at creating tangible benefits for citizens and setting goals that matter to people–driven by public-interest considerations rather than profit.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Equally bad deals have been made with Big Tech. In many ways, Silicon Valley is a product of the U.S. government’s investments in the development of high-risk technologies. The National Science Foundation funded the research behind the search algorithm that made Google famous. The U.S. Navy did the same for the GPS technology that Uber depends on. And the Defense Advanced Research Projects Agency, part of the Pentagon, backed the development of the Internet, touchscreen technology, Siri, and every other key component in the iPhone. Taxpayers took risks when they invested in these technologies, yet most of the technology companies that have benefited fail to pay their fair share of taxes.
Mariana Mazzucato
Creating a symbiotic (more mutualistic) public-private innovation ecosystem thus requires new methods, metrics and indicators to evaluate public investments and their results. Without the right tools for evaluating investments, governments have a hard time knowing when they are merely operating in existing spaces and when they are making things happen that would not have happened otherwise. The result: investments that are too narrow, constrained by the prevailing path-dependent, techno-economic paradigm. A better way of evaluating a given investment would be to consider the different types of ‘spillovers’, including the creation of new skills and capabilities, and whether it led to the creation of new technologies, sectors and markets.
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
The current crisis has led to renewed discussions about a universal basic income, whereby all citizens receive an equal regular payment from the government, regardless of whether they work. The idea behind this policy is a good one, but the narrative would be problematic. Since a universal basic income is seen as a handout, it perpetuates the false notion that the private sector is the sole creator, not a co-creator, of wealth in the economy and that the public sector is merely a toll collector, siphoning off profits and distributing them as charity. A better alternative is a citizen’s dividend. Under this policy, the government takes a percentage of the wealth created with government investments, puts that money in a fund, and then shares the proceeds with the people. The idea is to directly reward citizens with a share of the wealth they have created. Alaska, for example, has distributed oil revenues to residents through an annual dividend from its Permanent Fund since 1982.
Mariana Mazzucato
Kennedy was clear that the Apollo project would cost a lot of money – and it did. And while he and NASA had to constantly defend the use of the budget, in the end the pressure and urgency to ‘beat the Russians’ made the money come through. Indeed, the urgency to win is why money is always available for wartime missions – whether in the world wars or Vietnam or Iraq. Money seems to be created for this purpose. There is no reason why a ‘whatever it takes’ mentality cannot be used for social problems. Yet the conventional approach is to assume that budgets are fixed, and so if money is spent in one area, it will be at the expense of another area. For example, if you want new energy infrastructure, you can’t have new hospitals as well. But what if budgets were based on outcomes to be reached, as they were for the moon landing and in wars? What if the first question is not ‘Can we afford it?’ but ‘What do we really want to do? And how do we create the resources required to realize the mission?
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
For too long, governments have socialized risks but privatized rewards: the public has paid the price for cleaning up messes, but the benefits of those cleanups have accrued largely to companies and their investors. In times of need, many businesses are quick to ask for government help, yet in good times, they demand that the government step away. (Capitalism After the Pandemic; Foreign Affairs)
Mariana Mazzucato
The pandemic has also revealed how imbalanced the relationship between the public and the private sector has become. In the United States, the National Institutes of Health (NIH) invests some $40 billion a year on medical research and has been a key funder of the research and development of COVID-19 treatments and vaccines. But pharmaceutical companies are under no obligation to make the final products affordable to Americans, whose tax money is subsidizing them in the first place. The California-based company Gilead developed its COVID-19 drug, remdesivir, with $70.5 million in support from the federal government. In June, the company announced the price it would charge Americans for a treatment course: $3,120.
Mariana Mazzucato
For too long, people have acted as if the private sector were the primary driver of innovation and value creation and therefore were entitled to the resulting profits. But this is simply not true. Pharmaceutical drugs, the Internet, nanotechnology, nuclear power, renewable energy—all were developed with an enormous amount of government investment and risk taking, on the backs of countless workers, and thanks to public infrastructure and institutions.
Mariana Mazzucato
La economía es vista como una máquina de crecimiento perpetuo, en la que cada vez más gente gana un salario de subsistencia.
Mariana Mazzucato (El valor de las cosas: Quién produce y quién gana en la economía global)
Like all best supporting actors, the state may also step centre stage, taking entrepreneurial risks where the market and commons can’t or won’t reach. The extraordinary success of tech companies such as Apple is sometimes held up as evidence of the market’s dynamism. But Mariana Mazzucato, an expert in the economics of government-led innovation, points out that the basic research behind every innovation that makes a smart phone ‘smart’—GPS, microchips, touchscreens and the Internet itself—was funded by the US government. The state, not the market, turns out to have been the innovating, risk-taking partner, not ‘crowding out’ but ‘dynamising in’ private enterprise—and this trend holds across other high-tech industries too, such as pharmaceuticals and biotech.42 In the words of Ha-Joon Chang, ‘If we remain blinded by the free market ideology that tells us only winner-picking by the private sector can succeed, we will end up ignoring a huge range of possibilities for economic development through public leadership or public-private joint efforts.
Kate Raworth (Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist)
asumía que los trabajadores subestimarían la capacidad adquisitiva de sus sueldos y, por lo tanto, estarían dispuestos a producir más de lo que necesitaban. De esta manera, la sobreproducción involuntaria de los trabajadores crearía, a su vez, desempleo involuntario —ya que serían necesarios menos trabajadores para hacer la misma cantidad de trabajo— y la economía se encontraría en un equilibrio de baja producción.
Mariana Mazzucato (El valor de las cosas: Quién produce y quién gana en la economía global)
In 2009 Lloyd Blankfein, CEO of Goldman Sachs, claimed that ‘The people of Goldman Sachs are among the most productive in the world.’3 Yet, just the year before, Goldman had been a major contributor to the worst financial and economic crisis since the 1930s. US taxpayers had to stump up $125 billion to bail it out. In light of the terrible performance of the investment bank just a year before, such a bullish statement by the CEO was extraordinary. The bank laid off 3,000 employees between November 2007 and December 2009, and profits plunged.4 The bank and some its competitors were fined, although the amounts were small relative to later profits: fines of $550 million for Goldman and $297 million for J. P. Morgan, for example.5 Despite everything, Goldman–along with other banks and hedge funds–proceeded to bet against the very instruments which they had created and which had led to such turmoil.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
Bogle has estimated an all-in cost for actively managed funds of 2.27 per cent of the funds’ value. The amounts may not seem excessive. But Bogle never tires of saying to fund investors: ‘Do not allow the tyranny of compounding costs to overwhelm the magic of compounding returns.’38 In fact, if you assume Bogle’s estimate of fund management costs and also assume an annual return of 7 per cent, the total return to a saver over forty years will be 65 per cent higher without the charges. In hard cash, the difference could mean retiring with $100,000 or $165,000.39 It’s a good deal for the fund manager; rather less so for the investor.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
iPhone sea inteligente y no estúpido debe su financiación a la investigación, tanto básica como aplicada, financiada por el Estado. Esto, por supuesto, no significa que Steve Jobs y su equipo no fuesen cruciales para el éxito de Apple, pero ignorar el lado «público» de la historia impedirá que nazcan las Apple del futuro.
Mariana Mazzucato (El estado emprendedor (ECONOMÍA) (Spanish Edition))
Se dice a los funcionarios públicos que den un paso atrás, que minimicen costes, que piensen como el sector privado y que teman cometer errores. Y se ordena a los ministerios de los gobiernos que reduzcan costes y que, de manera inevitable, se deshagan también de habilidades y recursos de las estructuras públicas en cuestión (departamentos, agencias, etcétera). Cuando el Gobierno deja de invertir en su propia capacidad, se vuelve menos seguro de sí mismo, menos capaz, y aumenta la probabilidad del fracaso. Asimismo, se hace más difícil justificar la existencia de una función particular del Gobierno, lo que conduce a mayores recortes o a una eventual privatización. Esta falta de fe en el Gobierno, pues, se convierte en una profecía autocumplida: cuando no creemos en la capacidad gubernamental para crear valor, a la larga no puede hacerlo.
Mariana Mazzucato (El valor de las cosas: Quién produce y quién gana en la economía global)
The ideas in this book have been inspired by many. But it is probably significant that the previous chapter, looking at new theory, cites so many women scholars who have put life at the centre of the economy, not the economy at the centre of life: Hannah Arendt’s work on the public life, vita activa; Elinor Ostrom’s on creating community via the commons; Kate Raworth’s on the construction of a circular economy which minimizes waste; Stephanie Kelton’s on the power of long-run finance and an outcomes-based budgeting process; Edith Penrose’s on the dynamic capabilities of value-creating organizations; Carlota Perez’s on tilting the playing field towards a smart green transition.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Lo cual significa que los impuestos pueden utilizarse para recompensar más la creación de valor que la extracción de valor, y dirigir la creación de valor hacia la construcción de una economía que sea más inclusiva y sostenible.
Mariana Mazzucato (Misión economía: Una guía para cambiar el capitalismo (Spanish Edition))
Si quieres construir un barco, no animes a la gente a recoger madera y no les asignes tareas y trabajos, enséñales mejor a desear la infinita inmensidad del mar. Atribuido
Mariana Mazzucato (Misión economía: Una guía para cambiar el capitalismo (Spanish Edition))
A partir de la década de 1980, una mentalidad de aversión al riesgo ha provocado que los empleados públicos teman hacer cualquier cosa que no sea facilitar el trabajo al sector privado.
Mariana Mazzucato (Misión economía: Una guía para cambiar el capitalismo (Spanish Edition))
Pero la DARPA funciona en tiempos de paz. Hace poco, por ejemplo, financió las primeras fases de I+D para dos compañías farmacéuticas, Moderna Inc. y Inovio Pharmaceutical Inc., cuyo fin era crear vacunas de ADN y ARN; tecnologías que muchos científicos e inversores consideraban especulativas y muy arriesgadas.
Mariana Mazzucato (Misión economía: Una guía para cambiar el capitalismo (Spanish Edition))
In essence, we behave as economic actors according to the vision of the world of those who device the accounting conventions. The marginalist theory of value underlying contemporary national accounting systems leads to an indiscriminate attribution of productivity to anyone grabbing a large income and downplays the productivity of the less fortunate. In so doing, it justifies excessive inequalities of income and wealth and turns value extraction into value creation.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
The wrong question is: how much money is there and what can we do with it? The right question is: what needs doing and how can we structure budgets to meet those goals?
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
But they do highlight the need to resurrect ambition and vision in our everyday policymaking. This cannot just be about bold statements. We have to believe in the public sector and invest in its core capabilities, including the ability to interact with other value creators in society, and design contracts that work in the public interest. We must create more effective interfaces with innovations across the whole of society; rethink how policies are designed; change how intellectual property regimes are governed; and use R&D to distribute intelligence across academia, government, business and civil society. This means restoring public purpose in policies so that they are aimed at creating tangible benefits for citizens and setting goals that matter to people – driven by public-interest considerations rather than profit.5
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Many public services were also outsourced. While PFI was largely about building and running infrastructure, outsourcing was mainly about handing services over to the private sector to manage, notably IT. HMRC (Her Majesty’s Revenue and Customs), DVLA (the Driver and Vehicle Licensing Agency), the NHS and local authorities awarded enormous IT contracts to external suppliers. Public services, including rubbish collection, school meals, building maintenance, prisons and even ambulance and probation services, were placed in the hands of private providers, often by local authorities: at its peak in 2012–13, the value of outsourcing contracts awarded by the latter reached £708 million.19 Since then, however, the value of local-government outsourced contracts has steadily fallen. The trend is similar for central-government IT outsourcing. Public organizations have increasingly found that outsourcing has not delivered the quality and reliability of services they had expected and has often not been good value for money either.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
In business studies, value is understood as being created inside the company by bringing together managerial expertise, strategic thinking and a dynamic (changing with circumstances) division of labour between workers.3 All this ignores the massive role of government in creating value, and taking risk in the process. In The Entrepreneurial State I argued that Silicon Valley itself is an outcome of such high-risk investments by the state, willing to take risks in the early stages of development of high-risk technologies which the private sector usually shies away from.4 This is the case with the investments that led to the internet, where a critical role was played by DARPA, the Defence Advanced Research Projects Agency inside the US Department of Defense – and also by CERN in Europe with its invention of the World Wide Web. Indeed, not only the internet but nearly every other technology that makes our smart products smart was funded by public actors, such as GPS (funded by the US Navy), Siri (also funded by DARPA) and touch-screen display (funded initially by the CIA). It is also true of the high-risk, early-stage investments made in the pharmaceutical industry by public actors like the National Institutes of Health (NIH) – without which most blockbuster drugs would not have been developed. And the renewable energy industry has been greatly aided by investments made by public banks like the European Investment Bank or the KfW in Germany, with private finance often too risk-averse and focused on short-term returns.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
The successes of organizations that take risks and are directed at large goals are often unpredictable. Innovation itself is often characterized by unpredictable spillovers: the search for one thing leads to the discovery of another – unexpected technological benefits from R&D that can also produce wider managerial, social and economic benefits. Viagra, for example, was initially intended to treat heart problems and then was found to have another application. Innovation is fuelled best when serendipity is allowed, so that multiple paths are pursued, bringing advances in unknown areas. Embracing that uncertainty and serendipity is key for any entrepreneurial organization, whether in the public or private sphere. And as the story below illustrates, such serendipity in technological innovation can also bring great societal benefits.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
But scientific progress, he wrote, almost always comes from trying to apply new knowledge to solve problems: ‘significant progress in the solutions of technical problems is frequently made not by a direct approach, but by first setting a goal of high challenge which offers a strong motivation for innovative work, which fires the imagination and spurs men to expend their best efforts, and which acts as a catalyst by including chains of other reactions.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Nelson asked why our innovation systems have achieved such difficult feats as landing a man on the moon, yet continue to be so terribly disorganized and technologically unsavvy in dealing with the earthly issues of poverty, illiteracy and the persistence of ghettos and slums.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Applying mission-oriented thinking in our times requires not just adaptation but also institutional innovations that create new markets and reshape the existing ones. And, importantly, it also requires citizen participation
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Innovation and the commercialization of ideas do not happen because you want them to: they happen along the way to solving bigger problems. Apollo was an example of what can be done if the ambition is inspiring and concrete
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
The concept can be defined as seeing the design of the whole rather than that of the parts. It is by nature interdisciplinary – a vital quality for NASA. ‘It requires you to really understand all of the forces that are brought to bear on a particular system and you’ve got to take account of “whatever” or else the system won’t work the way it’s supposed to,’ Mueller said.
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Stuhlinger asked the nun first to consider the story of a benign and much-loved count who lived in Germany 400 years ago.18 The count was always distributing his riches to the poor. But he did more than redistribute; he created. The count funded the scientific activities of a strange local man who worked in a small laboratory grinding lenses from glass, and then mounting the lenses in tubes and creating small gadgets. The count was criticized for wasting money on the craftsman when the needs of the hungry were so much greater. And yet, explained Stuhlinger, it was precisely such experiments that later paved the way for the invention of the microscope, which proved one of the most useful devices for fighting disease, poverty and hunger:
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
While Steve Jobs was no doubt an inspiring genius worthy of praise, the fact that the iPhone/iPad empire was built on these State-funded technologies provides a far more accurate tale of technological and economic change than what is offered by mainstream discussions. Given the critical role of the State in enabling companies like Apple, it is especially curious that the debate surrounding Apple’s tax avoidance has tended to overlook this fact. Apple must pay tax not only because it is the right thing to do, but because it is the ultimate example of a company that requires the public purse to be large and risk-loving enough to continue making the investments that entrepreneurs like Jobs will later capitalize on (Mazzucato 2013b).
Mariana Mazzucato (The Entrepreneurial State: Debunking Public vs. Private Sector Myths)
Most finance goes back into finance, insurance and real estate rather than into productive uses. The acronym for this is FIRE (finance, insurance, real estate)
Mariana Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism)
Consulting companies, such as McKinsey, Boston Consulting Group (BCG) and Bain & Company (often referred to as the “Big Three” strategy firms) and PwC, Deloitte, KPMG and EY (the “Big Four” accountancies), are hired by governments, businesses and other organizations to perform different types of tasks on their behalf.
Mariana Mazzucato (The Big Con: How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies)
Many governments have stopped investing in their own capacity and capabilities, and because they fear failure they do not take risks.
Mariana Mazzucato (The Big Con: How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies)
However, governments and businesses may also hire consultancies not to reduce their climate footprint, but to convince others of their commitment to mitigating the climate crisis, even if this is not matched with action. A number of recent cases and developments lend weight to this hypothesis.
Mariana Mazzucato (The Big Con: How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies)
libro de Mariana Mazzucato, El valor de las cosas, fue un gatillo para mi reflexión. Me impactó la manera como los éxitos empresariales, ensalzados por nuestro pensar económico como logros del esfuerzo o el genio individuales, son en realidad fruto de la inversión pública masiva en la investigación y la educación. Sin embargo, los accionistas obtienen enormes ganancias y el Estado se considera una carga para el mercado. También pienso en Kate Raworth, economista de la Universidad de Oxford, que habla de la “economía rosquilla”: cómo crear una economía distributiva y regenerativa que saca a la gente del “hueco” de la destitución y evita el “techo” del daño ambiental. Al igual que Mazzucato, Raworth interpela la obsesión irreflexiva por el crecimiento del producto bruto interno (PBI) como único objetivo de los economistas y la política. Puedo mencionar a otras, pero a estas dos personas las conozco por sus contribuciones a las ideas del Vaticano sobre el futuro post-Covid.
Papa Francisco (Soñemos juntos (Let Us Dream Spanish Edition): El camino a un futuro mejor)
3. Where Consulting Came From: A Brief History In July 1971, Chilean engineer and politician Fernando Flores was working for the Chilean Production Development Corporation, a public organization responsible for fostering economic development in the country. Following the election of the new government under President Salvador Allende the previous year, Flores faced a difficult task: how to manage the newly nationalized sectors of Chile’s economy. Party leaders had never been able to deliver their economic policy goals, which included economic growth and income redistribution, and, despite the ambition, the Chilean public sector simply did not have the capabilities to deliver the mandate on which it was elected. But it was also not afraid to draw on relevant expertise in the private sector. This was how British management consultant Stafford Beer
Mariana Mazzucato (The Big Con: How the Consulting Industry Weakens our Businesses, Infantilizes our Governments and Warps our Economies)
There is basically nothing new in the calls to protect Western steel producers from Chinese imports or to subsidize domestic low-carbon energy generation to substitute for imports of oil, gas and coal. The emphasis by populist politicians on the negative effect of free trade, and the need to put up different types of walls to prevent the free movement of goods and labour, also gestures back to the mercantilist era, with emphasis more on getting the prices right (including exchange rates and wages) than on making the investments needed to create long-run growth and higher per capita income.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
He felt that the enemies of growth were, first, the protectionist policies of mercantilists; second, the guilds protecting artisans’ privileges; and third, a nobility that squandered its money on unproductive labour and lavish consumption. For Smith (as for Quesnay), employing an overly large portion of labour for unproductive purposes–such as the hoarding of cash, a practice that still afflicts our modern economies–prevents a nation from accumulating wealth.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
His positioning of government on the ‘unproductive’ side of the boundary set the tone for much subsequent analysis and is a recurring theme in today’s debates about government’s role in the economy, epitomized by the Thatcher–Reagan reassertion in the 1980s of the primacy of markets in solving economic and social issues.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)
Ricardo was drawn to economics by reading Smith’s The Wealth of Nations, but was concerned with something that he felt was glaringly absent from Smith’s theory of value: how that value was distributed throughout society–or what we would today call income distribution. It need hardly be said that, in today’s world of growing inequality of income and wealth, this question remains profoundly relevant.
Mariana Mazzucato (The Value of Everything: Making and Taking in the Global Economy)