Mariana Mazzucato: Value of Everything (2018, PublicAffairs)
384 pages
English language
Published July 15, 2018 by PublicAffairs.
Argues that governments are co-creators of wealth and essential for a dynamic & innovative economy (duh? But neoliberals ...). Finance is a rent-seeking leech. Growth should be purposeful & hopeful! Full of sense but not engaging.
Reading time 13 days, 22 pages/day
Mariana Mazzucato is both direct and adventurous in her writing on economics. The Value of Everything presents a meticulously researched history of the concept of value over the past 400 years in western society, using this history to show how value creation and value extraction have been confused in recent decades. Her presentation is an argument on social theory - she wants to spark debate about whether in broader terms western ideology has created a myth out of the importance of the private sector and venture capital in creating jobs and opportunities for people. This, in turn, leads to a suggestion that state spending and investment is underrated and not adequately included in calculations of GDP, making it seem that private companies create all value in an economy, and the state (despite spending on infrastructure and providing finance for research) does not create any value.
In the end, the argument …
Mariana Mazzucato is both direct and adventurous in her writing on economics. The Value of Everything presents a meticulously researched history of the concept of value over the past 400 years in western society, using this history to show how value creation and value extraction have been confused in recent decades. Her presentation is an argument on social theory - she wants to spark debate about whether in broader terms western ideology has created a myth out of the importance of the private sector and venture capital in creating jobs and opportunities for people. This, in turn, leads to a suggestion that state spending and investment is underrated and not adequately included in calculations of GDP, making it seem that private companies create all value in an economy, and the state (despite spending on infrastructure and providing finance for research) does not create any value.
In the end, the argument has extraordinary merit, and she concludes with suggestions on how states can rethink their own role in value, and how the public can also do this. This is an optimistic, challenging and brilliant book by an economist who does not accept the status quo.
