Summary Mariana Mazzucato: The value of everything: rediscovering purpose in the economy (Youtube) www.youtube.com
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One Line
Mariana Mazzucato challenges traditional notions of value by focusing on problem-solving and order creation in the economy, while critiquing capitalist dominance.
Slides
Slide Presentation (6 slides)
Key Points
- Mariana Mazzucato's presentation focused on the concept of value in economic thinking and its impact on addressing economic challenges.
- She emphasized the importance of revisiting historical debates on value and storytelling in shaping economic discourse.
- Mazzucato discussed the issue of financialization in the real economy and questioned the maximization of shareholder value.
- The audience responded with questions and comments, expressing the need for democratic debate on the new theory of value.
- Mariana highlighted the role of institutions in transforming challenges into missions and shaping markets through bold policy-making.
Summaries
18 word summary
Mariana Mazzucato reconsiders value debates, emphasizing problem-solving and order creation in the economy, addressing concerns about capitalist dominance.
56 word summary
Economist Mariana Mazzucato discussed her book "The Value of Everything" at Oxford Schools, emphasizing the need to reconsider historical value debates and the role of storytelling in shaping economic discourse. She proposed a new theory of value focused on problem-solving and order creation, addressing concerns about capitalist dominance and the importance of patient, long-term focused finance.
146 word summary
Mariana Mazzucato, an economist and author, spoke at an event at Oxford Schools, discussing her book "The Value of Everything: Making and Taking in the Global Economy." She emphasized the need to revisit historical debates on value and highlighted the importance of storytelling in shaping economic discourse. Mazzucato explored how the current approach to value affects GDP and financialization, proposing a new theory of value that focuses on order creation and problem-solving. The audience raised concerns about valuing makers over takers, capitalist dominance, higher taxes, and productivity in certain sectors. Mazzucato addressed questions about defining global challenges, stakeholder engagement, bold policy-making, and the importance of patient, long-term focused finance. She also stressed the importance of predistribution, dynamic governance structures, and symbiotic partnerships between public, private, and third sectors. The event concluded with thanks to Mariana for her stimulating talk and engaging in a powerful, deep debate.
338 word summary
The event at Oxford Schools, a collaboration between three schools, featured Mariana Mazzucato, an economist and author. She discussed her book “The Value of Everything: Making and Taking in the Global Economy” and addressed the importance of understanding value in economic thinking. Mazzucato highlighted the need to revisit historical debates on value and emphasized the importance of storytelling in shaping economic discourse.
Mazzucato explored how the current approach to value affects GDP and financialization, emphasizing the need to rethink the concept of value and its implications for economic thinking. She discussed the lack of attention to what the financial sector is actually doing and questioned whether shareholders are the only ones without a guaranteed rate of return. Mazzucato also addressed the problem of government productivity and proposed a new theory of value that focuses on order creation and problem-solving.
The audience responded with questions and comments, expressing the need for a democratic debate on the new theory of value and highlighting concerns about valuing makers over takers and the dominance of capitalist realism in the economy. They also raised questions about higher taxes, convincing individuals like Lloyd Blankfein of certain sectors' productivity, and the objective basis for this argument.
Mazzucato addressed questions from the audience, discussing the importance of defining global challenges, stakeholder engagement, and bold policy-making. She emphasized the role of institutions in transforming challenges into missions and highlighted the need for patient, long-term focused finance, especially in developing countries.
The conversation then shifted to governance and new institutions governing data and market outcomes. Mariana stressed predistribution and dynamic governance structures' importance to address challenges proactively. She also highlighted symbiotic partnerships between public, private, and third sectors.
Mariana concluded by emphasizing a new way of thinking about value and addressing current outmoded structures. In response to a question about China, Mariana acknowledged that it would open up a whole other hour of conversation but did not delve into it. The event concluded with thanks to Mariana for her stimulating talk and engaging in a powerful, deep debate.
1076 word summary
Narre, the dean of the school, welcomed attendees to a special event at Oxford Schools, a collaboration between three schools. Professor Sir Charles Godfrey, director of the Oxford Martin School, explained the school's mission to facilitate interdisciplinary work across the university. The event featured Mariana Mazzucato, whose work spans economics and other fields.
Mazzucato's book “The Value of Everything: Making and Taking in the Global Economy” was the focus of the event. Narre praised Mazzucato's work, highlighting her book “The Entrepreneurial State: Debunking Public versus Private Sector Myths.” Mazzucato was awarded several prizes for her work. She presented her new book and thanked Nairi for her support in choosing the title.
Mazzucato began her presentation by expressing gratitude for the opportunity to speak and acknowledged that she was ill but decided not to cancel the event. She discussed her decision to change her presentation slides at the last minute and emphasized the importance of storytelling in shaping economic thinking. Mazzucato addressed four major problems in the current economy: finance, business, the planet, and the state.
She delved into the history of economic thought, discussing how value was debated and contested in the past. Mazzucato highlighted how the concept of value shifted from an objective approach to a subjective one in neoclassical economics. She explained the implications of this shift and its impact on understanding GDP and financialization.
Mazzucato emphasized the need to revisit the concept of value in economic thinking. She pointed out that when value is not debated and moved away from an attention to concrete production and distribution changes, it affects the ability to address significant economic questions. She also discussed how the shift from price to value logic impacts economic understanding.
In her book, Mazzucato explores how the current approach to value affects GDP and financialization. She highlighted how finance was not included in GDP until 1970 and explained how this impacted economic measurement. Mazzucato emphasized the importance of rethinking the concept of value and its implications for economic thinking.
Overall, Mazzucato's presentation focused on the significance of understanding value in economic thinking and its impact on addressing economic challenges. She highlighted the need to revisit historical debates on value and emphasized the importance of storytelling in shaping economic discourse.
Mariana Mazzucato discusses the lack of attention to what the financial sector is actually doing and whether it is creating or siphoning off value. She highlights the issue of financialization in the real economy and the maximization of shareholder value, pointing out that shareholder value theory is predicated on an understanding of who is creating value in the economy. She questions whether shareholders are the only ones without a guaranteed rate of return, emphasizing that there is risk-taking across different sectors, including the public sector. Mazzucato also addresses the problem of government productivity, noting that civil servants cannot claim to be productive because the output of publicly funded goods is not valued. She argues for a new theory of value that focuses on order creation and problem-solving, suggesting that markets play a critical role in driving the evolution of value and discovering new solutions to human problems. She proposes that a new theory of value could lead to a different way of thinking about markets and firms, with the purpose of corporations being to help people cooperate to solve human problems.
The audience responds with questions and comments, expressing the need for a democratic debate on the new theory of value and highlighting concerns about valuing makers over takers and the dominance of capitalist realism in the economy. There is also a suggestion that the problems outlined by Mazzucato may be symptoms of a demand problem, with a need for higher taxes to collectivize collectively produced wealth. Additionally, there is a question about how to convince individuals like Lloyd Blankfein that certain sectors, such as Goldman Sachs, are not as productive as they claim to be, and what objective basis could be used to support this argument.
Overall, Mazzucato's discussion and the audience responses underscore the need for a reevaluation of how value is created in the economy. The focus on order creation and problem-solving as drivers of value could lead to a shift in how markets and firms are conceptualized, with an emphasis on solving human problems as the purpose of corporations. The questions and comments from the audience highlight the complexity and challenges associated with redefining value and productivity in the economy, pointing to the need for further debate and exploration of these ideas.
Mariana Mazzucato addressed questions from the audience, discussing the importance of defining global challenges and how to decide on missions to address them. She highlighted the need for empathy in government and stakeholder engagement to inform problem definition. Mariana emphasized the role of institutions in transforming challenges into missions, using examples from the UK government's industrial strategy. She also stressed the importance of including voices of frontline workers and stakeholders in defining and confronting problems.
Mariana discussed the issue of how markets are defined and emphasized the role of government in shaping markets as outcomes of decisions and debates. She pointed out the need to transform taking into a more productive activity, requiring bold policy-making. Mariana also addressed questions about demand, private debt, and business investment, highlighting the need for bold public policy to crowd in the business sector.
The discussion then turned to the role of financial institutions and venture capital in value creation. Mariana emphasized the need to recognize collective value creation and ensure fair distribution of rewards. She also discussed the importance of patient, long-term focused finance, especially in developing countries.
The conversation then shifted to governance and new institutions governing data and market outcomes. Mariana stressed predistribution and dynamic governance structures' importance to address challenges proactively. She also highlighted symbiotic partnerships between public, private, and third sectors.
Mariana concluded by emphasizing a new way of thinking about value and addressing current outmoded structures. She highlighted confronting these challenges and redefining value at these discussions' center.
In response to a question about China, Mariana acknowledged that it would open up a whole other hour of conversation but did not delve into it. The event concluded with thanks to Mariana for her stimulating talk and engaging in a powerful, deep debate.
Overall, Mariana Mazzucato's discussion covered defining global challenges, shaping markets, addressing financial institutions' role in value creation, and new governance structures' need. She emphasized empathy, stakeholder engagement, and bold policy-making in addressing these issues.
1120 word summary
Narre, the dean of the school, welcomed attendees to a special event at Oxford Schools. The event was a collaboration between three schools, highlighting themes close to their hearts. Professor Sir Charles Godfrey, director of the Oxford Martin School, explained the school's mission to facilitate interdisciplinary work across the university. The event featured Mariana Mazzucato, whose work spans economics and other fields.
Mazzucato's book "The Value of Everything: Making and Taking in the Global Economy" was the focus of the event. Narre praised Mazzucato's work, highlighting her book "The Entrepreneurial State: Debunking Public versus Private Sector Myths." Mazzucato was awarded several prizes for her work. She presented her new book and thanked Nairi for her support in choosing the title.
Mazzucato began her presentation by expressing gratitude for the opportunity to speak and acknowledged that she was ill but decided not to cancel the event. She discussed her decision to change her presentation slides at the last minute and emphasized the importance of storytelling in shaping economic thinking. Mazzucato addressed four major problems in the current economy: finance, business, the planet, and the state.
She delved into the history of economic thought, discussing how value was debated and contested in the past. Mazzucato highlighted how the concept of value shifted from an objective approach to a subjective one in neoclassical economics. She explained the implications of this shift and its impact on understanding GDP and financialization.
Mazzucato emphasized the need to revisit the concept of value in economic thinking. She pointed out that when value is not debated and moved away from an attention to concrete production and distribution changes, it affects the ability to address significant economic questions. She also discussed how the shift from price to value logic impacts economic understanding.
In her book, Mazzucato explores how the current approach to value affects GDP and financialization. She highlighted how finance was not included in GDP until 1970 and explained how this impacted economic measurement. Mazzucato emphasized the importance of rethinking the concept of value and its implications for economic thinking.
Overall, Mazzucato's presentation focused on the significance of understanding value in economic thinking and its impact on addressing economic challenges. She highlighted the need to revisit historical debates on value and emphasized the importance of storytelling in shaping economic discourse.
Mariana Mazzucato discusses the lack of attention to what the financial sector is actually doing and whether it is creating or siphoning off value. She highlights the issue of financialization in the real economy and the maximization of shareholder value, pointing out that shareholder value theory is predicated on an understanding of who is creating value in the economy. She questions whether shareholders are the only ones without a guaranteed rate of return, emphasizing that there is risk-taking across different sectors, including the public sector. Mazzucato also addresses the problem of government productivity, noting that civil servants cannot claim to be productive because the output of publicly funded goods is not valued. She argues for a new theory of value that focuses on order creation and problem-solving, suggesting that markets play a critical role in driving the evolution of value and discovering new solutions to human problems. She proposes that a new theory of value could lead to a different way of thinking about markets and firms, with the purpose of corporations being to help people cooperate to solve human problems.
The audience responds with questions and comments, expressing the need for a democratic debate on the new theory of value and highlighting concerns about valuing makers over takers and the dominance of capitalist realism in the economy. There is also a suggestion that the problems outlined by Mazzucato may be symptoms of a demand problem, with a need for higher taxes to collectivize collectively produced wealth. Additionally, there is a question about how to convince individuals like Lloyd Blankfein that certain sectors, such as Goldman Sachs, are not as productive as they claim to be, and what objective basis could be used to support this argument.
Overall, Mazzucato's discussion and the audience responses underscore the need for a reevaluation of how value is created in the economy. The focus on order creation and problem-solving as drivers of value could lead to a shift in how markets and firms are conceptualized, with an emphasis on solving human problems as the purpose of corporations. The questions and comments from the audience highlight the complexity and challenges associated with redefining value and productivity in the economy, pointing to the need for further debate and exploration of these ideas.
Mariana Mazzucato addressed questions from the audience, discussing the importance of defining global challenges and how to decide on missions to address them. She highlighted the need for empathy in government and stakeholder engagement to inform problem definition. Mariana emphasized the role of institutions in transforming challenges into missions, using examples from the UK government's industrial strategy. She also stressed the importance of including voices of frontline workers and stakeholders in defining and confronting problems.
Mariana discussed the issue of how markets are defined and emphasized the role of government in shaping markets as outcomes of decisions and debates. She pointed out the need to transform the taking into a more productive activity, requiring bold policy-making. Mariana also addressed questions about demand, private debt, and business investment, highlighting the need for bold public policy to crowd in the business sector.
The discussion then turned to the role of financial institutions and venture capital in value creation. Mariana emphasized the need to recognize collective value creation and ensure fair distribution of rewards. She also discussed the importance of patient, long-term focused finance, especially in developing countries.
The conversation then shifted to the issue of governance and the need for new institutions to govern data and market outcomes. Mariana stressed the importance of predistribution and dynamic governance structures to address challenges proactively. She also highlighted the need for symbiotic partnerships and contracts between public, private, and third sectors.
Mariana concluded by emphasizing the need for a new way of thinking about value and addressing current outmoded structures. She highlighted the importance of confronting these challenges and redefining value at the center of these discussions.
In response to a question about China, Mariana acknowledged that it would open up a whole other hour of conversation but did not delve into it. The event concluded with thanks to Mariana for her stimulating talk and for engaging in a powerful, deep debate.
Overall, Mariana Mazzucato's discussion covered a wide range of topics, including defining global challenges, shaping markets, addressing financial institutions' role in value creation, and the need for new governance structures. She emphasized the importance of empathy, stakeholder engagement, and bold policy-making in addressing these issues.
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Source: https://www.youtube.com/live/lCLSvojyJoI?si=EDhYL7UG-QAmznRM
Page title: Mariana Mazzucato: The value of everything: rediscovering purpose in the economy - YouTube
Meta description: Join us for a talk with Mariana Mazzucato, Professor in the Economics of Innovation and Public Value at University College London, and author of The Entrepre...