Policy Impact

Policy impact

Mariana Mazzucato’s work on the relationship between innovation and the direction of economic growth is having global impact. She advises governments and policymakers worldwide on state investment and innovation, sustainable and inclusive growth, the green transition and industrial strategy.

In the last years she has brought her ‘mission-oriented’ approach to the heart of economic policy: helping to shape the EU’s Innovation policy, steering the UK’s industrial policy, helping to create a new roadmap for the UN’s Sustainable Development Goals, and informing the restructuring of development finance institutions.

In the UK, representatives of the three main political parties have spoken about the influence of Professor Mazzucato’s work on their policies. She is a member of the Scottish Government’s Council of Economic Advisers and was a member of the UK Labour Party’s Council of Economic Advisers from 2015 to 2016, alongside Joseph Stiglitz, Thomas Piketty and others.

At a European level, Professor Mazzucato has advised and discussed her work with leading policymakers and Europe-wide institutions. She has been a member of two high-level EU task forces advising on innovation and smart, sustainable economic growth.

Mariana to Chair new WHO Council on the Economics of Health for All

The World Health Organization is convening eleven leading figures in economics, health and development from around the world as the first members of the WHO Council on the Economics of Health For All.

The Council’s role is to provide independent advice to the Director General and WHO on addressing interrelated health and economic challenges and map out a way forward that supports communities and countries to build healthy societies. To do so, the Council — which will be chaired by Professor Mariana Mazzucato, and counts Finnish Prime Minister Sanna Marin as a founding patron — will provide recommendations for a new approach to shape the economy that supports health for all as an overall goal.

The Council held its inaugural meeting on 6 May. The following day, Mariana joined Director General Dr Tedros Adhanom Ghebreyesu as a special guest at the WHO’s Covid-19 media briefing. To learn more about the WHO Council, and its founding members, you can visit its website here.

“I am delighted that WHO is convening this talented and driven group of global experts as the WHO Council on Economics of Health For All, which is chaired by the distinguished economist Professor Mariana Mazzucato. I established this Council precisely to gather leading experts in economics, policy, development and health, and to benefit from their knowledge and skill."
Dr Tedros, WHO Director General
“I am delighted that WHO is convening this talented and driven group of global experts as the WHO Council on Economics of Health For All, which is chaired by the distinguished economist Professor Mariana Mazzucato. I established this Council precisely to gather leading experts in economics, policy, development and health, and to benefit from their knowledge and skill."
Dr Tedros, WHO Director General

Mariana’s ‘missions’ at the core of EU research and innovation

Mariana’s ‘mission-oriented approach’ is at the core of the new EU research and innovation programme. Horizon Europe will build on the achievements and success of the previous research and innovation programme Horizon 2020), with the aim of keeping the EU at the forefront of global research and innovation.

In 2018, European Commissioner Carlos Moedas announced an ambitious €100bn research and innovation programme for the next EU budgets – with the work of Professor Mariana Mazzucato and her ‘mission-oriented’ framework a core part of the programme.

Known as ‘Horizon Europe’, the proposal aims to keep the EU at the forefront of global research and innovation, building on the success of the previous programme, Horizon 2020.

Mariana Mazzucato provided the Commission with a valuable vision at a crucial point in the drafting of the next EU research and innovation programme.
Commissioner Carlos Moedas
Mariana Mazzucato provided the Commission with a valuable vision at a crucial point in the drafting of the next EU research and innovation programme.
Commissioner Carlos Moedas

Scottish National Investment Bank a model for long-term, committed finance

From late 2020 Scotland’s new national investment bank will start providing long-term capital to projects and companies that serve Scottish government-set goals of cutting carbon emissions, reducing inequality and addressing demographic change. The SNIB will use £2bn in capital over 10 years in a push to help transform an economy that has struggled to match UK-wide growth rates in recent years.

Mariana developed a framework for guiding the bank’s investments towards tackling key societal challenges, and promoting transformational change across Scotland’s economy. Co-authored with Laurie Macfarlane, the paper is the latest contribution to IIPP’s path-breaking research on state investment banks.

The Scottish Government is already demonstrating global leadership in areas such as transitioning to a low carbon economy and promoting inclusive growth. But fulfilling this potential will require finding new ways of promoting investment in a smart, inclusive and sustainable direction. By making strategic investments and nurturing new firms and technologies, the new bank will support the Scottish Government’s ambitious agenda.

The design, structure and mission-oriented approach taken forward in creating the Scottish National Investment Bank has been influenced directly by the academic work of Prof Mazzucato. This was really important in shaping how the Bank should operate.
Gary Gillespie, Chief Economist, Scottish Government
The design, structure and mission-oriented approach taken forward in creating the Scottish National Investment Bank has been influenced directly by the academic work of Prof Mazzucato. This was really important in shaping how the Bank should operate.
Gary Gillespie, Chief Economist, Scottish Government

Member of South Africa's Presidential Economic Advisory Council

In October 2019, IIPP Director Professor Mariana Mazzucato was appointed by South African President Cyril Ramaphosa to his Economic Advisory Council (PEAC). The Council was announced by President Ramaphosa in the State of the Nation Address to ensure greater coherence and consistency in the implementation of economic policy and ensure that government and society in general is better equipped to respond to changing economic circumstances.

In March 2020, Professor Mazzucato participated in a PEAC meeting in Pretoria, where she presented mission-oriented innovation and industrial strategy to the entire South African cabinet.

Since March, the work of the council has pivoted towards the government’s response to the COVID19 crisis and Professor Mazzucato has participated in meetings with President Ramaphosa, government ministers and PEAC members, and has contributed to a paper by a PEAC sub-team on the government’s Growth and Reconstruction Programme post-COVID. She is also focussing her more long-term contributions to PEAC on industrial strategy, state capacity and the green transition.

Comprising local and international economic thought leaders, the Council will advise the President and government more broadly, facilitating the development and implementation of economic policies that spur inclusive growth.
President Cyril Ramaphosa, President of South Africa
Comprising local and international economic thought leaders, the Council will advise the President and government more broadly, facilitating the development and implementation of economic policies that spur inclusive growth.
President Cyril Ramaphosa, President of South Africa