Overview

Modern economies reward activities that extract value rather than create it. This must change to ensure a capitalism that works for us all. Shortlisted for the FT & McKinsey Business Book of the Year Award 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.

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9781610396745

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Reviews

Praise for The Entrepreneurial State Mazzucato's ideas are fuel for a growing political debate about what portion of the country's wealth pie should be taken by the private sector. --Rana Foroohar, TIME Read her book. It will challenge your thinking. -Bruce Upbin, Forbes It is one of the most incisive economic books in years. --Jeff Madrick, New York Review of Books Mariana Mazzucato makes a very convincing argument . . . . from the iPhone to solar power to nanotechnology to pharmaceuticals, government did much of the basic research before venture capitalists stepped in and took the profit. --Los Angeles Review of Books, Tom Streithorst Increasingly, however, economists and social thinkers are challenging the conventional wisdom on innovation... Mariana Mazzucato described the most notable technology innovations as coming from the government, not the private sector. --Quentin Hardy, New York Times This book has a controversial thesis. But it is basically right. The failure to recognise the role of the government in driving innovation may well be the greatest threat to rising prosperity. --Martin Wolf, Financial Times Mariana Mazzucato ... has built up an ever bigger following for The Entrepreneurial State, which argues that government has played a big role in creating innovation . . . . It's a serious book, and its subject is an important one. Where innovation comes from is one of the most important, and perhaps least understood, topics in economics. --Matthew Lynn, The Telegraph [M]ost major technological advances of the last decades have been publicly financed. As Mariana Mazzucato shows in The Entrepreneurial State, all the major advances that made the iPhone possible were publicly funded, from the touch screen to GPS. --Doug Henwood, The Nation The iPhone exists--as Mariana Mazzucato demonstrated in her book--because various branches of the US government provided research assistance that resulted in several key technological developments . . . . --Jill Lepore, The New Yorker Mariana Mazzucato offers an expos of how value extractors and rent-seekers have been masquerading as value creators in the global economy. And, furthermore, how the conventional wisdom has indulged them in this. ----Fran Boait for Prospect Mazzucato's mission is to overturn the now dominant neoclassical theory of value. ----George Eaton for New Statesman A stimulating analysis of the underlying causes of inequality and growth which forces us to confront long-held beliefs about how economies work and who benefits ----Martin Wolf, Financial Times

Praise for The Entrepreneurial State Ms Mazzucato is right to argue that the state has played a role in producing game-changing breakthroughs, and that its contribution to the success of technology-based businesses should not be underestimated. --Schumpeter column, The Economist The US government has a conscious policy of picking winners and it works, says Professor Mazzucato, because it has a willingness to fail and an expertise which comes from having done this kind of thing for years. --Anthony Hilton, The Independent I have seen the next big thing, and it is Mariana Mazzucato . . . . an economist whose innovative ideas are so insightful, so well-informed, and so right that they stand in terrifying contrast to almost everything that most Americans in 2013 hold dear. --Dan Kervick, New Economic Perspectives

A fundamental re-think of what constitutes real value in the economy. --Stephen Denning, Forbes.com A fresh look at the meaning of value to the economy...This organized and easy-to-read book will appeal to curious readers as well as those interested in economics, investing, and public policy. --Booklist Mariana Mazzucato offers an expos of how value extractors and rent-seekers have been masquerading as value creators in the global economy. And, furthermore, how the conventional wisdom has indulged them in this. --Fran Boait for Prospect Mazzucato is fast emerging as one of the world's leading public intellectuals... [she] has offered the left a positive vision of growth based on innovation and profit-sharing, rather than sterile and counter-productive analysis based on the politics of resentment and expropriation. --SPECTATOR [Mazzucato's] passionate call to empower policymakers to understand that the state's role is not secondary to the private sector is infectious. --PROSPECT Mazzucato's mission is to overturn the now dominant neoclassical theory of value. --George Eaton for New Statesman A stimulating analysis of the underlying causes of inequality and growth which forces us to confront long-held beliefs about how economies work and who benefits --Martin Wolf, Financial Times 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 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

Praise for The Entrepreneurial State Ms Mazzucato is right to argue that the state has played a role in producing game-changing breakthroughs, and that its contribution to the success of technology-based businesses should not be underestimated. --Schumpeter column, The Economist The US government has a conscious policy of picking winners and it works, says Professor Mazzucato, because it has a willingness to fail and an expertise which comes from having done this kind of thing for years. --Anthony Hilton, The Independent I have seen the next big thing, and it is Mariana Mazzucato . . . . an economist whose innovative ideas are so insightful, so well-informed, and so right that they stand in terrifying contrast to almost everything that most Americans in 2013 hold dear. --Dan Kervick, New Economic Perspectives

A fundamental re-think of what constitutes real value in the economy. --Stephen Denning, Forbes.com A fresh look at the meaning of value to the economy...This organized and easy-to-read book will appeal to curious readers as well as those interested in economics, investing, and public policy. --Booklist Mariana Mazzucato offers an expos of how value extractors and rent-seekers have been masquerading as value creators in the global economy. And, furthermore, how the conventional wisdom has indulged them in this. --Fran Boait for Prospect 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] passionate call to empower policymakers to understand that the state's role is not secondary to the private sector is infectious. --PROSPECT A stimulating analysis of the underlying causes of inequality and growth which forces us to confront long-held beliefs about how economies work and who benefits --Martin Wolf, Financial Times 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 Mazzucato is fast emerging as one of the world's leading public intellectuals... [she] has offered the left a positive vision of growth based on innovation and profit-sharing, rather than sterile and counter-productive analysis based on the politics of resentment and expropriation. --SPECTATOR Mazzucato's mission is to overturn the now dominant neoclassical theory of value. --George Eaton for New Statesman

Author Information

"Mariana Mazzucato is professor in the Economics of Innovation and Public Value at University College London (UCL), where she directs the Institute for Innovation and Public Purpose. She is the winner of the 2014 New Statesman SPERI Prize for Political Economy, the 2015 Hans-Matthö-Preis, and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She was named as one of the ""three most important thinkers about innovation"" by the New Republic. She advises global policy makers on innovation-driven inclusive growth and is Special Advisor to the EU commissioner for research, science and innovation. She is a coeditor of Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth and the author of the award-winning The Entrepreneurial State: Debunking Public vs. Private Sector Myths."

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