Mariana Mazzucato Quotes
We should be investing where the public returns are greatest - that is in innovation.
If we look at the complexity of the challenges facing western societies today, we see that the problems are not really about outsiders, but have their roots much closer to home.
An interesting attribute of public banks is that they don't only de-risk the downside, but also get a share of the upside.
Brexit has shrunk the market opportunities. Exiting trade deals will do the same for the U.S. Those deals must be actively shaped and governed to make growth more inclusive.
The actual division of labor must be reflected in the division of the rewards (and prices, which is the way the consumer gets rewarded).
Companies prefer to put money in the pockets of shareholders or to hoard cash rather than to raise wages or invest.
Real median household incomes in the U.S. were basically the same in 1989 as in 2014. But we are also seeing similar challenges in the U.K. in the stagnation of real wages.
Brexit and Trump's election are forcing countries to come up with new radical ideas.
Growth in productivity has diverged from growth in the share that working people can expect right across advanced economies, but this trend started earlier and has been more pronounced in the U.S.
With a Trump administration we don't know enough yet to make predictions, but if past behavior is any indication, I am not encouraged.
Germany is using its Energiewende policy as a way of envisioning a green transformation and innovation across many sectors.
Rethinking capitalism means rethinking the role of the public sector, the role of the private sector, the role of finance, and the relationship between them all.
While infrastructure is of course important, it must be part of a bigger vision. The point is not to simply dig ditches but to steer those investments towards transformational growth.
Most venture capital funds are too short-termist and exit-driven to deal with the highly uncertain and lengthy innovation process.
The globalized nature of production and innovation means that the benefits don't necessarily stay in the country where the investments are made.
Once we admit that the public sector takes an immense amount of risk along the entire innovation chain, it becomes crucial to find ways to share both risks and rewards.
People work hard and companies make big profits, but employees don't see that they share in the wealth they help to create.
Markets are not static entities that are 'intervened' in (for good or bad) but are outcomes of public and private interactions.
Fixing markets isn't enough. We have to actively shape and create them and tilt the playing field in the direction of the growth we want.
