5×15 Talk
Mazzucato’s presentation talk at the 5×15 event
Economics - Innovation - Inclusive Growth - Public Purpose
The Value of Everything
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.
VALUE OF EVERYTHING ON VIDEO/AUDIO
RSA
Keynote: Redefining Economic Value
CHANNEL 4 NEWS
A ‘parasitic’ system in need of change
Bloomberg
Rethinking Capitalism to Create Global Value
BBC Radio 4 – Start the Week: Dark Satanic Mills
“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.”
Value of Everything Excerpts
It’s a magic number
“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
Capitalism’s greatest weakness? It confuses price with value
“Only with a clear debate about value can rent-extracting activities in every sector, including the public one, be better identified and deprived of political and ideological strength.”
Value of Everything in the Media
The Value of Everything review: How to end the we make, they take economy
“Mariana Mazzucato is sure the economic forces that affect our lives can serve the public interest again” Angela Nagle
Mariana Mazzucato’s bold mission to reform the global economy
“In The Value of Everything, Mazzucato points out our flawed economic measures. But solutions are in short supply.” Adam Tooze
“El Valor de Todo”: Mariana Mazzucato desnuda el “capitalismo parasitario”
“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
City Pages Q&A: Economics professor and author Mariana Mazzucato on her latest book The Value of Everything
“University College London economist Mariana Mazzucato is on a mission to change economics with a central role for debates about “value”.” Jasper Jolly
KIRKUS REVIEW
“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.”
Economists Are Evolving, But Old-School Textbooks Aren’t
“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
Mariana Mazzucato on making waves as an economist — and in the pool
“When she’s not tackling the failings of modern capitalism, the Italian-American economist hits the swimming pool to unwind” Delphine Strauss
Who creates a nation’s economic value?
“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
Trump is a passing problem in the US – Brexit is not
“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
Meet Mariana Mazzucato, big-state capitalism’s new champion
“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
The Value of Everything by Mariana Mazzucato – how to save capitalism
“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
How to retool our concept of value
“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
Perils of the free market
“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
Melrose’s purchase of GKN demonstrates capitalism’s fundamental failing
“As Mariana Mazzucuto’s new book, published today, explains, our economy has been financialised and no longer rewards real value creation.” Chi Onwurah
What CEOs are reading: April 2018
“[…]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
Book Talks for Value of Everything
British Library
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.
Hay Festival
Hay, United Kingdom – Mariana Mazzucato talks to Dharshini David about her new book The Value of Everything.
RSA
London, United Kingdom – Presentation of the book The Value of Everything with RSA Chief Executive Matthew Taylor.
Resolution Foundation
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?”
LSE Public Lecture
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.