Dani Rodrik — From Welfare State to Innovation State

Mariana Mazzucato. public investment, and inclusive capitalism. 

The present and foreseeable problem is that most economists and policy people are thinking in terms of the market state. It proved not to work in the early days of industrial capitalism and it's proving not to work again now in the knowledge age of digital capitalism. Capital is about capital formation, and capital formation increases productivity owing to technological innovation, displacing workers. Only the state can deal with this, since private sector markets are unable to handle it and firms, unwilling.

Project Syndicate
From Welfare State to Innovation State

Dani Rodrik is Professor of Social Science at the Institute for Advanced Study, Princeton, New Jersey