Economics has never accepted the idea that the public sector creates wealth. But it does—and acknowledging that can lead to sweeping change....Democracy — A Journal of Ideas
Yes, Government Creates Wealth
Mariana Mazzucato | RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex
See also
Who Really Creates Value in an Economy?
Mariana Mazzucato | RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex
See also
Ten years after the global economic crisis, profits have recovered, but investment remains weak. Ultimately, the reason is that economic policy continues to be informed by neoliberal ideology and its academic cousin, “public choice” theory, rather than by historical experience.Project Syndicate
Who Really Creates Value in an Economy?
Mariana Mazzucato | RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex
3 comments:
Thanks for highlighting that. I left a cuastic comment:
"“Economics has never accepted the idea that the public sector creates wealth.” So economists are unaware that maintaining law and order has value, or that government owned natural monopolies like roads create wealth? Come off it."
I'd argue that that a huge chunk, if not most, of our wealth has been created by govt. Virtually every bit of technology that makes modern life more comfortable and productive than in the past has it's genesis in govt.. sure 20 kinds of toothpaste is nice, but it's not even close to the same order of magnitude as computers, the internet, infrastructure or modern medicine are.. but maybe I have a different definition of wealth than the economists.
Is she actually getting anywhere with all this Entrepreneurial State schtick?
Seems like she is just saying the same thing over and over and over.....
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