New Book
Modern economies reward activities that extract value rather than create it. This must change to ensure a capitalism that works for us all. A scathing indictment of our current global financial system, The Value of Everything rigorously scrutinizes the way in which economic value has been accounted and reveals how economic theory has failed to clearly delineate the difference between value creation and value extraction. Mariana Mazzucato argues that the increasingly blurry distinction between the two categories has allowed certain actors in the economy to portray themselves as value creators, while in reality they are just moving around existing value or, even worse, destroying it. The book uses case studies-from Silicon Valley to the financial sector to big pharma-to show how the foggy notions of value create confusion between rents and profits, reward extractors and creators, and distort the measurements of growth and GDP. In the process, innovation suffers and inequality rises. The lesson here is urgent and sobering: to rescue our economy from the next inevitable crisis and to foster long-term economic growth, we will need to rethink capitalism, rethink the role of public policy and the importance of the public sector, and redefine how we measure value in our society.
About the Author:
Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London (UCL) where she is also Founder and Director of the Institute for Innovation and Public Purpose. She is author of the highly-acclaimed book The Entrepreneurial State: Debunking Public vs. Private Sector Myths, and winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matthöfer-Preis and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She has advised policymakers around the world on how to deliver ‘smart’, inclusive and sustainable growth. In 2013 she was named as one of the ‘3 most important thinkers about innovation’ in the New Republic.
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The Value of Everything by Mariana Mazzucato Reviews:
“Mazzucato sides with the actual makers, those who struggle in an economy tilted in favor of the ultrawealthy… she expresses specific incredulity about the banking sector’s self-serving statements about wealth creation… She is especially eloquent when commenting on arrogant tech-giant billionaires such as Peter Thiel, who claims that his wealth accumulation occurred in spite of, rather than because of, government presence.”— KIRKUS REVIEWS
“Mazzucato’s trenchant analysis is a compelling call to reinvent value as a key concept to help us achieve the world we all want.”— NATURE
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