I’ve been meaning to write a blog on a book by my friend, Mariana Mazzucato, titled The E State. It is essential reading for anyone who wants to understand the role played by government in encouraging innovation. For so many years we’ve been sold the notion that our nation’s Undertakers (also called Entrepreneurs or Capitalists) are the lions who drive growth through innovation. Actually, according to her well-documented book, Mariana shows they are nothing but domesticated pussycats, who have to be dragged along by the entrepreneurial State. The State innovates, doing the hard stuff and even guaranteeing markets; the pussycats merely make profits off the State’s initiatives.Economonitor — Great Leap Forward
Mazzucato: The Entrepreneurial State
L. Randall Wray | Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City
Smacking down one of the chief myths of neoliberal "capitalism."
The downside of that too much government-led innovation is military-related. For example, Ike even justified the interstate highway system based on logistical support needed for national security.
