Mazzucato, M. (2019) “El Valor De Las Cosas”
Taurus, ISBN 843062211X
Modern economies reward activities that extract value rather than create it. This must change to insure a capitalism that works for us all.
In this scathing indictment of our current global financial system, The Value of Everything rigorously scrutinizes the way in which economic value has been determined and reveals how the difference between value creation and value extraction has become increasingly blurry. Mariana Mazzucato argues that this blurriness allowed certain actors in the economy to portray themselves as value creators, while in reality they were just moving existing value around or, even worse, destroying it.
The book uses case studies–from Silicon Valley to the financial sector to big pharma–to show how the foggy notions of value create confusion between rents and profits, a difference that distorts the measurements of growth and GDP.
The lesson here is urgent and sobering: to rescue our economy from the next, inevitable crisis and to foster longterm economic growth, we will need to rethink capitalism, rethink the role of public policy and the importance of the public sector, and redefine how we measure value in our society.
Winner of the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought
Shortlisted for the FT and McKinsey Business Book of the Year 2018
"‘A compelling call to reinvent value as a key concept to help us achieve the world we all want’"
Robert Costanza, Nature
"Passionate, infectious, timely … An exposé of how value extractors and rent-seekers have been masquerading as value creators in the global economy."
Fran Boait, Prospect
"In this thought-provoking book, Mariana Mazzucato argues that it is far too easy for those operating in the market economy to get rich by extracting value from those who actually create it, not by adding it themselves. We need to return to the question: what creates value?”
Martin Wolf, Financial Times
"One of the world’s leading public intellectuals … her analysis rings true … a positive vision of growth.”
Liam Halligan, Spectator
"She is the sort of critical friend capitalism needs”
Philip Collins, The Times
"Offers a fundamental re-think of what constitutes real value in the economy.”
Steve Denning, Forbes
"A restless thinker … Mazzucato’s mission is to overturn the now dominant neoclassical theory of value ... Mazzucato is seeking to recreate the dynamic public-private interaction – and the spirit of adventure – that led to triumphs such as the moon landings.”
George Eaton, New Statesman
"The normally iron-clad security of shareholder value is challenged as a material motivator, a theme further explored by Mariana Mazzucato in The Value of Everything, who argues that we urgently need to rethink where wealth comes from to heal a sick system.”
Richard Kilgarriff, Management Today
Delphine Strauss, FT Magazine
"Mazzucato calls for nothing less than a complete reconsideration of our system of economic values.”
Adam Tooze, New Statesman
"Her target is the conventional wisdom that so-called wealth creators deserve to accumulate massive riches. Mazzucato sides with the actual makers, those who struggle in an economy tilted in favour of the ultrawealthy … She is especially eloquent when commenting on arrogant tech-giant billionaires.”
"She excoriates the global financial industry. We need to rethink our ideas on value, and how financialisation has turned us away from value creation to value extraction.”
Hans Pienaar, Business Live
"Mazzucato notes that the rise of entrepreneurship, along with the past deregulation of financial industries, is fueling the fire of economic inequality and an economy without value.”
Jennifer Adams, Booklist
"The way in which financialisation proved to be an anti-industrial strategy is admirably set out in leading economist Mariana Mazzucato’s new book The Value of Everything. In it she describes the “two faces of financialisation.”
Chi Onwurah, Independent
"Mariana Mazzucato is sure the economic forces that affect our lives can serve the public interest again.”
Angela Nagle, Irish Times
Mazzucato, M. (2019) “El Valor De Las Cosas”
Taurus, ISBN 843062211X
Campus, ISBN 9783593509983
Feltrinelli, ISBN 9788858127841
UMco, ISBN 9789617050264
“An inquiry into the nature of value in an economy might not seem an obvious place to begin. Yet The Value of Everything: Making and Taking in the Global Economy, by Mariana Mazzucato, helps establish the intellectual roots of the odd history of the past decade.” Ryan Avent
“Other titles on the list are […] Mariana Mazzucato’s The Value of Everything, which argues for a more sustainable form of capitalism” Andrew Hill
“Mazzucato’s trenchant analysis is a compelling call to reinvent value as a key concept to help us achieve the world we all want.” Robert Costanza
“Someone should make a musical out of this book. That is quite unlikely, I grant you, but not as unlikely as it sounds. In 1893 the Savoy theatre staged Gilbert and Sullivan’s penultimate operetta, Utopia, Limited […] It is time to rework the idea and Mariana Mazzucato is a candidate to write the libretto.” Philip Collins pdf version
“In The Value of Everything, published last week, Mazzucato sharpens her focus, not only lauding the role of ‘mission-oriented’ public investment, but honing her critique of the private sector too.” Liam Halligan
“A British economics professor is debunking again; this time, her target is the conventional wisdom that so-called wealth creators deserve to accumulate massive riches.”
“In The Value of Everything, Mazzucato points out our flawed economic measures. But solutions are in short supply.” Adam Tooze
“Since the economic crisis in 2008, Mazzucato notes that the rise of entrepreneurship, along with the past deregulation of financial industries, is fueling the fire of economic inequality and an economy without value. ” Jennifer Adams
“A stimulating analysis of the underlying causes of inequality and growth which forces us to confront long-held beliefs about how economies work and who benefits” Martin Wolf pdf version
“In this thought-provoking book, Mariana Mazzucato, professor at University College London, argues that it is far too easy for those operating in the contemporary market economy to get rich by extracting value from those who actually create it, not by adding it themselves. To understand this, we need to return to the question with which economics began: what creates value? When we answer this properly, we will realise that an important part of the answer is: government rather than much of contemporary finance.” Martin Wolf
“Mariana Mazzucato argues that the state itself can be, and often has been, a tremendous force for wealth creation and radical risk taking and technological innovation” Angela Neagle
“Sobre “El Valor de las Cosas” de Mariana Mazzucato, el replanteamiento de conceptos económicos y la búsqueda del desarrollo en Colombia y América Latina” Ricardo Zapata Lopera
“Un recente fondamentale libro di economia di Mariana Mazzucato, dell’University College London, dal titolo “ Il valore di tutto” c’insegna la differenza che corre tra “ cercatori di rendita” e “ creatori di valori” e che cosa è l’economia della speranza.” Franco Borgogna
“A cynic, Oscar Wilde wrote, is someone ‘who knows the price of everything and the value of nothing.’ In her latest book, The Value of Everything: Making and Taking in the Global Economy, Mariana Mazzucato argues that, by this definition, we have all unwittingly become cynics.” Richard Roberts
“Indeed, Mariana Mazzucato’s recent book The Value of Everything convincingly argues that national statistics systematically underreport the value of public sector activities, for example by not acknowledging the crucial role that health and education play in sustaining the private sector.” Imre G. Szabó
“The President then made a “pitch” to this year’s young scientists to read two books, that have made an “exceptional contribution” to social economics – Mariana Mazzucato’s ‘The Value of Everything,’ and Sylvia Walby’s ‘Crisis.’ “
“Gendered social economics was “the future”, as reflected in the writings of economist Mariana Mazzucato and sociologist Sylvia Walby, Mr Higgins argued.” Kevin O’Sullivan
“As Mariana Mazzucato has shown in her magisterial book, The Value of Everything (Public Affairs, 2018), the whole edifice of modern economics has been erected on the assumption that the purpose of a firm, and indeed the economy as a whole, is to make money: value is seen as just a synonym for price. ” Steve Denning
“No all’austerità. Investimenti in costruzione, ricerca e ambiente. Nel suo nouvo saggio, l’economista Mariana Mazzucato propone una strategia per fronteggiare disuguaglianze e patologie di un capitalismo rapace” Filippo Santelli
“Economist Mariana Mazzucato believes that imbalance is indicative of another crisis in the making, this one fueled in part through faulty methods used to measure economic performance.”
“In her new book, economist Mariana Mazzucato explodes the myth that wealth is created solely by a select few trailblazing entrepreneurs, and lays out how our collective innovation can be put into the service of a more equal economy.” Kate Aronoff
“In her new book The Value of Everything, published in the U.S. last month, Mazzucato explains the concept of value extraction — also referred to as rent-seeking — as overcharging for a good or service rather than producing anything new, and blocking competition” Ali May
“The Value of Everything will rekindle a much-needed debate about the kind of world we really want to live in. The author argues that we must revisit the basics. She dissects the status quo and chal- lenges how our society matches risks and rewards.” Henry Friesen
“Economics has never accepted the idea that the public sector creates wealth. But it does—and acknowledging that can lead to sweeping change.”
“The economy we want to build must recognize increasing the value to and for humans as the goal. To build that economy, we need a strenuous engagement with the questions Mariana Mazzucato asks in this book, an engagement deeply informed by the history of economic thought and how we got where we are today. I found this book enormously stimulating. You will, too. Highly recommended.” Tim O’Reilly
“Mariana Mazzucato’s new book is a detailed exposé of the parasitic character of modern capitalism, drawing on Karl Marx’s theory of the source of value creation. But understanding the law of value is only a first step to providing an alternative to a system that cannot overcome its inevitable tendency for periodic crises and which needs to be overthrown” Peter Taaffe
“In this prescient book, a renowned economist exposes how modern capitalist economies are increasingly rewarding businesses for the amount of wealth they capture for themselves rather than the value they add to the economy—and why we need to instead build a capitalism that works for us all.”
“A narrow definition of value—that things are worth simply what someone is willing to pay—has led to an excessive focus on shareholder value and increasing income inequality, argues the economist Mariana Mazzucato.” Leslie P. Norton
“As Mariana Mazzucato, professor in the economics of innovation and public value at University College London, reiterated in her latest work, The Value of Everything, innovation is a public-private collaborative endeavour.” Haro Karkour
“The Value of Everything is not a beach read, but it’s an intelligent dose of critical thinking about a topic where ignorance all but guarantees we’ll end up being played. Take the time to get smart about it.”Heather Seggel
“The book,The Value of Everything: Making and Taking in the Global Economy […] offers a fundamental re-think of what constitutes real value in the economy. It traces the origins of current economic thinking from its origins in the seventeenth century to the growth of the financial sector and the financialization of the 21st-century economy. It explains how the economy steadily shifted from creating value for the benefit of all to the extraction of value for the owners of assets, and the consequences in terms of steady economic decline and worsening income inequality.” Steve Denning
“Another influential writer is Mariana Mazzucato, of University College London. In her new book, The Value of Everything, she excoriates the global financial industry. We need to rethink our ideas on value, and how financialisation has turned us away from value creation to value extraction.” Hans Pienaar
“The way in which financialisation proved to be an anti-industrial strategy is admirably set out in leading economist Mariana Mazzucato’s new book The Value of Everything. In it she describes the “two faces of financialisation”.” Chi Onwurah
“University College London economist Mariana Mazzucato is on a mission to change economics with a central role for debates about “value”.” Jasper Jolly
“En ese sentido, el libro de Mazzucato instala una pregunta que es de plena actualidad en Chile donde la rebaja de impuestos se presenta como la gran vía para incentivar el crecimiento. ¿Por qué no se exige como condición que ese beneficio se dirija a empresas productivas que creen empleos y no se vaya a sociedades que solo ganan en la “pasada”?” Juan Andrés Guzmán
“Economist Mariana Mazzucato examines this problem in her book, “The Value of Everything.” Her case studies show how, especially in banking, tech and Big Pharma, riches are found in moving money around, looting companies and gaining financial advantages by manipulating public policy.” Jon Talton
“When she’s not tackling the failings of modern capitalism, the Italian-American economist hits the swimming pool to unwind” Delphine Strauss
“The trouble isn’t the latest research, but the zombie ideas that economists keep pushing. Indeed, as economist Mariana Mazzucato argues in her new book, “The Value of Everything,” ideas like the welfare theorems exert a powerful unconscious influence over the framing of a lot of policy analysis.” Mark Buchanan
“Mazzucato’s mission is to overturn the now dominant neoclassical theory of value. In the mid-19th century, she explained, an intellectual revolution occurred: rather than value determining price, price began to determine value. Until the early 1970s, “most of the financial sector wasn’t actually included in GDP. It was seen as a transfer of existing value, just as social security payments aren’t included in GDP.” ” George Eaton printed version
“As Mariana Mazzucuto’s new book, published today, explains, our economy has been financialised and no longer rewards real value creation.” Chi Onwurah
“Mariana Mazzucato offers an exposé of how value extractors and rent-seekers have been masquerading as value creators in the global economy. And, furthermore, how the conventional wisdom has indulged them in this.” Fran Boait
“[…]the normally iron-clad security of shareholder value is challenged as a material motivator, a theme further explored by Mariana Mazzucato in The Value of Everything, Makers and Takers in The Global Economy, who argues that we urgently need to rethink where wealth comes from to heal a sick system.” Richard Kilgarriff
“Economist Mariana Mazzucato, author of the new book “The Value of Everything: Making and Taking in the Global Economy” digs into the nuts and bolts of what cause the 2008 financial crisis. She also explains how there are troubling signs of another crisis to come sooner than we’d hope.”
“Economist Mariana Mazzucato, argues that 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.” Listen
“We start off on a segment from our TV show with Ken Rogoff, Harvard Professor & Former IMF Chief Economist, and Mariana Mazzucato, University College London Professor & Author of “The Value of Everything.” “
Mariana Mazzucato discusses her new book “The Value of Everything: Making and Taking in the Global Economy.” Hosted by Pimm Fox and Lisa Abramowicz. Listen
“Mariana Mazzucato argues it’s time to reform how economies determine value to create a capitalism that benefits more people.” Listen
“We all know the standard story: our economy would be more dynamic if only the government would get out of the way. The economist Mariana Mazzucato says we’ve got that story backward.” Listen
“The economist Mariana Mazzucato is calling for a reform of capitalism, to replace taking with making. She argues that the global economy has become a parasitic system in which value-extraction is more highly rewarded than value-creation.”
“By losing our ability to recognize the difference between value creation and value extraction, we have made it easier for some to call themselves value creators and in the process extract value.” pdf version
Oxford, United Kingdom – Talk and Q&A with Professor Mazzucato, hosted by the Blavatnik School of Government
Capgemini’s Applied Innovation Exchange, 425 Brannan St., San Francisco, CA 94107
One way to understand the plight of the tech world right now is to pull back and understand the field of economics in the last 400 years. For much of that time the field has debated where value in the economy actually comes from – such as land, labor, capital. And crucially, what the difference is between value creation and value extraction. According to economist Mariana Mazzucato, our featured guest at September’s What’s Now: San Francisco, it is necessary first to publicly debate what types of activities really add value to our economy—and how to limit value extraction that masquerades as wealth creation—so that we can create a new form of capitalism that works for us all, including in the tech industry.
Pier 3, The Embarcadero, San Francisco, CA 94109
Discussion with Tim O’ Reilly followed by audience Q&A and book signing.
Open Society Foundations, 224 West 57th Street, New York, NY 10019
Moderated by Jeff Madrick – author, director of the Bernard L. Schwartz Rediscovering Government Initiative, and senior fellow at The Century Foundation.
The 2008 global financial crisis revealed that modern economies reward activities that extract economic value rather than create it. Join us for a discussion with Mazzucato as she demonstrates how companies from Silicon Valley to the financial sector to big pharma have used foggy notions of value to create confusion between rents and profits—thereby allowing themselves to be portrayed as value creators, while in reality they are merely moving existing value around or, even worse, destroying it. Only by debating and ultimately reclaiming the true meaning of value will it be possible to generate a fairer economy that benefits all of society. A reception, with light refreshments, will be held from 5:30–6:00 p.m.
1818 H Street NW, Washington, DC 20433
Please RSVP to Brooke.Parsons@hbgusa.com
Today, the financial sector and the ‘financialized’ world breeds a mentality that distorts economic growth and increases wealth disparity. Top executives choose to spend a greater proportion of profits on share buy-backs rather than on investing in the long-term future of the business. They call it value creation but the reality is often the opposite: value extraction. So who decided that they are creating value? What definition of value is used to distinguish value creation from value extraction, or even from value destruction?
London, United Kingdom – Presentation of the book The Value of Everything, as part of a public lecture series between the Institute for Innovation and Public Purpose and the British Library on the theme of Rethinking Public Value & Public Purpose. Professor Mazzucato speaks on new book about the concept of value, with audience Q&A chaired by Paul Mason.
Hay, United Kingdom – Mariana Mazzucato talks to Dharshini David about her new book The Value of Everything.
London, United Kingdom – Presentation of the book The Value of Everything with RSA Chief Executive Matthew Taylor.
London, United Kingdom – In conversation with Lord Willetts, Executive Chair of the Resolution Foundation, on the new book The Value of Everything. “Wealth creation in the 21st century: who is and isn’t a doing it?”
London, United Kingdom – ‘The Value of Everything: making and taking in the global economy’ Podcast
Professor Mazzucato with the first copy of her book The Value of Everything at the Institute for Innovation and Public Purpose.