Economics - Innovation - Inclusive Growth - Public Purpose

Project members

The Financing Innovation project is a joint research effort of two leading institutions in the field of post-Keynesian monetary economics and neo-Schumpeterian evolutionary economics, the Levy Institute of Bard College and SPRU (the department of Science and Technology Policy Research of Sussex University). The project is co-lead by Professor L. Randall Wray (Levy Institute/Bard College) and Prof. Mariana Mazzucato (SPRU/University of Sussex).

Principal investigators


Prof. L. Randall Wray (Levy Institute/Bard College)
L. Randall Wray is Professor of Economics at the University of Missouri-Kansas City as well as Senior Scholar at the Levy Economics Institute of Bard College, NY. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University in St. Louis. He has served as a visiting professor at the University of Rome, the University of Paris, and UNAM (Mexico City).
Prof. Mariana Mazzucato (SPRU/University of Sussex)
Mariana Mazzucato is R.M. Phillips Professor in Science and Technology Policy at SPRU(University of Sussex, UK). After receiving her PhD in 1999 from the New School University, she became Assistant Professor of Economics at the University of Denver, and then joined the London Business School through a Marie Curie Post-Doctoral Fellowship. She is currently the Coordinator of a 3 year EC FP7 project on Finance, Innovation and Growth (FINNOV, 2009-2012, and Economics Director of the ESRC Centre for Social and Economic Research on Innovation in Genomics (Innogen). She is Deputy Director of the Open University’s inter-faculty centre on Innovation, Knowledge and Development (IKD), which she directed from 2004-2009. From 2007-2009 she was Visiting Professor at the Bocconi University (KITES centre).


Dr. Michael Hopkins
Michael Hopkins is a biologist with subsequent degrees in Technology and Innovation Management (M. Sc. with Distinction), and Science and Technology Policy (D.Phil). He currently is principle investigator and co-investigator on interdisciplinary research projects employing mixed method approaches to undestand innovation processes in complex inter-organsational contexts. Michael’s projects often focus on the study of biomedical innovation systems, whether for products (e.g. drugs) or services (e.g. diagnostic testing), which tend to involve networks of organisations spanning the public and private sectors. He has published widely in Natural Science and Social Science journals on the role of intellectual property, regulation and finance in innovation (including in Nature, Nature Biotechnology and Research Policy – the top journals in their respective fields).
Dr. William Lazonick
William Lazonick is a professor of economics at the University of Massachusetts Lowell, where he directs the Center for Industrial Competitiveness. He is also co-founder and president of The Academic-Industry Research Network ( Previously, Lazonick was Assistant and Associate Professor of Economics at Harvard University, Professor of Economics at Barnard College of Columbia University, and Distinguished Research Professor at INSEAD. His book, Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Upjohn Institute for Employment Research 2009) was awarded the 2010 Schumpeter Prize by the International Schumpeter Society. His article, “Innovative Business Models and Varieties of Capitalism,” won the Henrietta Larson Award from Harvard Business School for best article in Business History Review in 2010 (Lazonick had previously won the prize for best article in Business History Review in 1983). He is working on a book, The Theory of Innovative Enterprise, to be published by Oxford University Press.

Mr. Caetano Penna

Caetano Penna is Research Fellow in Finance and Innovation at SPRU, University of Sussex, where he plays a leading role in linking two new research projects run by Professor Mariana Mazzucato (INET’s Financing Innovation and Ford Foundation’s Finance and The Entrepreneurial State). He is also PhD candidate at the same institution (expected graduation in June 2013), researching on the co-evolution of industries, technologies and societal issues, with an empirical focus on the American auto industry. Mr. Penna holds an MA in Technology Governance from Tallinn University of Technology (Estonia), a BA in Economics from the Federal University of Rio de Janeiro (Brazil), and a technical degree as translator. He is a founding partner of BabelTeam Internet Business Solutions, and has previously worked at the Investor Relations department of Petrobras, the Brazilian oil company.
Dr. Alain Rizk
Alain Rizk has been an investment banker in Europe for almost 20 years with the past 16 years focused on healthcare at institutions including Goldman Sachs, Credit Suisse and Bank of America. Alain has also worked as a management consultant focused on healthcare at McKinsey and was co-founder of a healthcare start-up, eHospitalSystems. Prior to his professional career, he completed a PhD in economics from the Graduate Institute of International Studies focused on financial constraint and the financing of industry in a number of OECD countries with an emphasis placed on the role played by the public sector.  He obtained his B.A. from Cornell University in Political Science. Alain is also an Associate of AIRnet, where he is involved in another INET project on “Impatient Capital in High Tech Industries”.
Mr. Alan Shipman, Lecturer in Economics, Open University

Levy Team

Dr. Riccardo Bellofiore
Riccardo Bellofiore is Professor of Monetary Economics, International Monetary Economics. and History of Economic Thought at the University of Bergamo, Italy. He has recently published two books (in Italian) on the current crisis: “The Capitalist Crisis: the coming barbarism” and “The Global Crisis: Europe, euro, and the Left”. He has written extensively on: Schumpeter’s approach to money, innovation and development, Minsky and his legacy, Keynes and Financial Keynesianism; the current European and global crisis (among the most recent papers: “Two or three things I know about her’. Europe in the Global Crisis, and heterodox economics”, Cambridge Journal of Economics (forthcoming), and “Crisis Theory and the Great Recession: A Personal Journey, from Marx to Minsky”, Research in Political Economy, 2011). He is a regular contributor to the economic policy debate in Italian newspapers and journals.
Mr. Andy Felkerson
James Andrew Felkerson is a research and teaching assistant at the University of Missouri – Kansas City (UMKC).  His areas of research include macroeconomic theory and policy, money and banking, and rural poverty in the United States.  His dissertation, Monetary Policy Implementation in the Shadow Banking Era: Operation of the Transmission Mechanism and the Role of Lender of Last Resort After the Global Financial Crisis, will investigate the relative ineffectiveness of crisis response policies by the Federal Reserve system when compared to previous episodes of financial crisis mitigation.  Mr. Felkerson is a graduate student in the interdisciplinary Ph.D. program of the UMKC College of Arts and Sciences.
Dr. Davide Gualerzi, Associate Professor, Department of Economic Sciences, University of Padua
Dr. Pavlina Tcherneva
Pavlina R. Tcherneva is assistant professor of economics at Bard College. She has previously taught at Franklin and Marshall College and the University of Missouri-Kansas City. During 2000-2006, she served as the associate director for economic analysis at the Center for Full Employment and Price Stability, where she remains a research associate. In Summer 2006, she was a visiting scholar at the University of Cambridge Centre for Economic and Public Policy, U.K., and since July 2007, she has been a research scholar at the Levy Economics Institute. Dr. Tcherneva conducts research in the fields of public policy and monetary theory and has collaborated with policymakers from Argentina, Bulgaria, China, Turkey, and the United States on developing and evaluating various job creation programs. She holds a B.A. in mathematics and economics (Phi Beta Kappa) from Gettysburg College and an M.A. and Ph.D. in economics from the University of Missouri-Kansas City.
Dr. Giovanna Vertova
Giovanna Vertova is Assistant Professor of Political Economy at the University of Bergamo (Italy). She has published various papers on technical change and innovation, mainly based on her Ph.D on Historical Evolution of National Systems of Innovation and National Technological Specialisation from the University of Reading (UK). She is interested in geographical and spatial issues, thus editing a book by Routledge (The Changing Economic Geography of Globalization, 2006) and one by the Italian publisher Editori Riuniti (Lo spazio del capitale. La riscoperta della dimensione geografica nel marxismo contemporaneo, 2009). Lately, she became interested the analysis of the current crisis with a gender perspective, thus publishing a chapter in an Italian book (La costruzione del genere. Norme e regole, Sestante Edizioni, 2012) and one in an English book (The Political Economy of Public Debt & Austerity in the EU, Nissos Publications, 2012). She also contributes to the Italian political debate with newspaper and magazine articles.