The next meeting of Economists Against Austerity is pleased to have Prof. Mariana Mazzucato as the key speaker on what really happens in the process of innovation. Andrew Simms (Global Witness) will respond.
This promises to be a different take on the relationship between innovation and inequality: it’s not about skills but value extraction.
The talk will focus on the relationship between the State and the Market. I will argue that the State not only ‘fixes’ different problem/failures in the market (of which there are many) but also actively shapes and creates markets. It does so in the face of extreme risk and uncertainty. The different implications of this will be considered (theoretical, empirical, and ‘political’) of the blindness of economics (as a discipline) to understanding the State as market maker and lead risk-taker in capitalist economies - beyond the traditional ‘market failure’ framework.
The talk will build on her recent book The Entrepreneurial State: debunking private vs. public sector myths as well as recent work with Bill Lazonick on the relationship between innovation and inequality.
The Entrepreneurial State and the Risk-Reward Relationship
Portcullis House, Thatcher Room 6.30-8.30pm
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