Monday, June 12, 2017

Jean-Claude Worms — Science And The Entrepreneurial State

The title of this post is adapted from Mariana Mazzucato’s book “The Entrepreneurial State,” published in 2013, and in which she successfully – at least in my view – debunks a number myths that modern capitalism has impressed upon most of us concerning the role of private entrepreneurs in innovation. I am attempting below to link that discussion with the need for public investments in science.

I hope I will be forgiven for extensively quoting from Mazzucato's brilliant work.
This statement is true inasmuch as science cannot really guarantee a return on investment, at least not in financial terms within a predictable timeframe. It does not serve this purpose. Science is a “public good, difficult to appropriate” (Mazzucato 2013).
Science Connect
Dr. Jean-Claude Worms


Ralph Musgrave said...

What’s Mazzucato saying that we don’t already know: in particular that the state does a lot of basic research? In particular during WWII governments did a lot of research into radar, computers, rocketry, nuclear stuff, etc.


AXEC / E.K-H said...

“Science is a ‘public good, difficult to appropriate’ (Mazzucato 2013)”

Science in NOT a public good but produced by scientists who failed badly to appropriate it. Science has to emancipate itself economically.*

Egmont Kakarot-Handtke

* See ‘Toward the New Academy’

and ‘A rough business plan for science’

Tom Hickey said...

Ralph, what's MMT saying that "we" didn't already know?

All this stuff was known decades ago but the prevailing ideology has conveniently "forgotten" it, or better, done its best to erase it from memory.

Ralph Musgrave said...

Tom, At least MMT has performed a service, as you suggest, namely to remind people of important truths they had forgotten. But in the case of Mazzucato she is saying something we HAVEN’T forgotten, namely that governments fund a lot of basic research. But if she is saying more than that, I’m all ears.

AXEC / E.K-H said...

When science is properly organized it is highly profitable and can easily finance itself. * No state, no banks, no venture capital needed.

Egmont Kakarot-Handtke

* See ‘A rough business plan for science’