Summary Rethinking Value | Mariana Mazzucato - YouTube (Youtube) www.youtube.com
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One Line
Mazzucato advocates for a shift in perspective on markets, emphasizing the significance of long-term thinking and reevaluating the concept of value in capitalism.
Slides
Slide Presentation (12 slides)
Key Points
- Value is more durable and tied to the concept of time compared to price.
- The financial sector has become centralized and focused on financing finance, leading to problems within the industry.
- The current approach to policy is flawed as it only allows for intervention after identifying market failures.
- Value extraction is often disguised as value creation, allowing certain actors in the economy to claim they are the most productive.
- The theory of value has shifted from being determined by labor to being determined by price.
- Our current system only values things that have a price and contribute to GDP, leaving out important aspects like care for children and the elderly.
- The idea that markets are outcomes of how different organizations come together and create value collectively is not emphasized enough in economics.
- There is a need to fundamentally redesign the system and institutions in order to address the challenges of transitioning to a greener economy.
Summaries
18 word summary
Mazzucato argues for a rethinking of value and capitalism, emphasizing the importance of a long-term perspective on markets.
37 word summary
This excerpt from Mariana Mazzucato's talk on rethinking value and capitalism highlights several key points. Mazzucato argues that value is more durable and tied to time, emphasizing the need to rethink markets in a long-term perspective. She
761 word summary
The speaker discusses the difference between price and value, emphasizing that value is more durable and tied to the concept of time. They suggest rethinking markets in terms of value in a long-term perspective. The speaker then shifts to the topic of money and the
Values and governance should be at the center of reforming capitalism. The financial sector has become centralized and focused on financing finance, leading to problems within the industry. Large companies are prioritizing financial activities like share buybacks instead of reinvesting in production
The current approach to policy is flawed, as it only allows for intervention after identifying market failures. This patchy view of policy is inadequate when addressing issues like climate change and inequality. Market failures do exist and can be addressed through government intervention, such as
Value extraction is often disguised as value creation, allowing certain actors in the economy to claim they are the most productive. This is seen in statements made by the head of Goldman Sachs after the financial crisis, as well as in the way wealth creators in Silicon
The excerpt discusses the historical focus of economists on the objective conditions of production and the distribution of income. It mentions Adam Smith, David Ricardo, and Karl Marx as economists who shared this focus. Smith's book "The Wealth of Nations" emphasized the division
The theory of value has shifted from being determined by labor to being determined by price. This shift eliminates the concept of class struggle and suggests that income is a measure of productivity. Rent is no longer considered unearned income, but rather a result of lack
In our current system, we only value things that have a price and contribute to GDP, leaving out important aspects like care for children and the elderly. Environmentalists have long argued that pollution should decrease GDP, but instead it often increases because we have to
The speaker discusses the misconception that only shareholders take risks and deserve the rewards. She argues that the state plays a significant role in funding risky investments, such as technology and green initiatives. The idea of maximizing shareholder value should be reevaluated and potentially re
The idea that markets are outcomes of how different organizations come together and create value collectively is not emphasized enough in economics. Instead of just focusing on production functions, we need to consider how all actors in the economy contribute to creating value. This includes recognizing the
The speaker discusses the need to redefine the concept of purpose and address the lack of progress towards sustainable development goals. They propose transforming these goals into concrete missions that require collaboration between public, private, and third sector actors. They suggest making government subsidies and investments
Some actors undervalue creators while others are distributors or facilitators. Changing the system requires recognizing the value created by different actors. The state is not inherently long-term oriented, as many state institutions and public organizations operate on short-term cycles. To truly
The excerpt discusses the importance of civic engagement in framing missions and the need for government agencies to have the capability to welcome engagement with movements. The conversation then shifts to the Green New Deal and the speaker's perspective on Alexandria Ocasio-Cortez.
The speaker discusses the need to fundamentally redesign the system and institutions in order to address the challenges of transitioning to a greener economy. They highlight the importance of stakeholder engagement, including trade unions, in defining and implementing the green transition. The speaker emphasizes
Some countries have established public banks to provide long-term strategic capital for businesses and sectors that are willing to engage in societal missions. There is a movement to rethink economics and move away from the wrong mathematical models used in traditional economic theory. The focus on averages
Huawei executives met with economists in 2013 to discuss their struggle to penetrate the US market. The economists advised them to embrace a cooperative model and noted the variety of organizational structures in China, including state-owned companies and those adopting a more market-driven
A group within the BBC moved to the Cabinet Office and set up Government Digital Services to create a website that focused on citizen users rather than clients or customers. This approach increased participation and ease of interaction with the welfare state, saving the government billions. The
In a discussion about economics, the speakers mention the importance of economists engaging with each other and learning from different perspectives. They note that even among progressive economists, there is a wide range of opinions and ideas. They express concern that the teaching of economic history
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Source: https://www.youtube.com/watch?v=bzZSdgQB99w&t=3866s
Page title: Rethinking Value | Mariana Mazzucato - YouTube
Meta description: What happens when we confuse price with value? We end up undervaluing care. We pollute more. And the financial sector is allowed to brag about how productive...