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Mariana Mazzucato

Mariana Mazzucato Books

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“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.”

EconomicsValueInequality
Book:The Value of Everything: Making and Taking in the Global Economy
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“I often use the iPhone as an example of how governments shape markets, because what makes the iPhone ‘smart’ and not stupid is what you can do with it. And yes, everything you can do with an iPhone was government-funded. From the Internet that allows you to surf the Web, to GPS that lets you use Google Maps, to touch screen display and even the SIRI voice activated system - all of these things were funded by Uncle Sam through the Defense Advanced Research Projects Agency (DARPA), NASA, the Navy, and even the CIA!”

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Author:Mariana Mazzucato
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“It's important that public funds be spent in research directions that are pushing market frontiers rather than working in existing areas. This means funding research not only on drugs but also on areas like life-style changes, even if the profit potential is lower for Big Pharma as you cannot sell that change as you can sell a medicine.”

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“It would be a mistake to overstate the similarities between the Brexit vote and Trump's win - but there are common themes, not least in the rallying cries that the winning campaigns used. They focused on a supposed economic threat posed by outsiders, as immigrants or as trade partners. This fuelling of anxieties underpinned a narrative centered on the need to "regain control," whether of borders or of economic forces.”

NeedsWould BeUsedWinningForceCommonMistakeEconomicCryTrumpAnxietyVoteTradeThreatFocusedPartnersCampaignsNarrativeBordersThemeImmigrantsOutsidersSimilarityRallyingRallying Cry
Author:Mariana Mazzucato
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“As a businessman, Donald Trump has been associated with some of the worst excesses of a particular style of value-extracting and asset stripping capitalism: set up businesses, let them fail, avoid paying suppliers, use bankruptcy laws to avoid taxes for decades, then set up another business somewhere else. It is this model that is the cause of many problems we see today.”

Has BeensUseProblemTodayLawValuesCausesFailingWorstStyleParticularTrumpTaxesModelsCapitalismDecadesAssetsExcessBusinessmanSomewhere ElseBankruptcyStrippingSuppliers
Author:Mariana Mazzucato
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“Too many politicians seem to reach for 'infrastructure' as the default answer to investment, as if roads and bridges were the answer to everything. Even the IMF and the World Bank seem to mainly offer infrastructure spending as an alternative to austerity, although they are right to focus on the need for investment.”

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Author:Mariana Mazzucato
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“If we look at Germany's infrastructure policy, it has been driven by its mission-oriented focus on green infrastructure. This affects both innovation and infrastructure, old industries and new. The German steel industry, for example, has adapted to the policy by lowering its material content through a 'repurpose, reuse and recycle' strategy.”

IfsLooksHas BeensFocusPolicyExampleMaterialsIndustryInnovationGreenStrategyMissionsDrivenGermanySteelInfrastructureAdaptedReuseSteel Industry
Author:Mariana Mazzucato
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“Green is not just about renewable energy. It's also about creating a new direction for the whole economy. This requires government to step up, not step back, creating the kinds of mission-oriented public organizations that will enable us to tackle climate change - as ambitious as those that got us to the moon. It also requires the financial sector to be less short-term since we know that short-term finance has distorted incentives and directions in areas like biotechnology.”

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Author:Mariana Mazzucato
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