Summary Mariana Mazzucato: The value of everything: rediscovering purpose in the economy (Youtube) www.youtube.com
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One Line
Mariana Mazzucato advocates for a new economic narrative centered on stakeholder engagement to redefine value.
Slides
Slide Presentation (11 slides)
Key Points
- Mariana Mazzucato emphasizes the need for a new narrative about value in economic thinking
- She discusses the evolution of economic thought and the implications of a shift in the concept of value
- Mazzucato highlights the importance of recognizing value creation by different actors in the economy
- She calls for a reevaluation of GDP measurement and a focus on addressing contemporary economic challenges
- Mazzucato advocates for a new theory of value that shifts focus from maximizing shareholder value to solving human problems in the economy
Summaries
18 word summary
Mariana Mazzucato emphasized the need for a new narrative about value in economic thinking, advocating for stakeholder engagement.
82 word summary
Mariana Mazzucato discussed her book "The Value of Everything" at an event involving three Oxford schools. She emphasized the need for a new narrative about value in economic thinking, highlighting the historical evolution of the concept and its impact on economic reasoning. Mazzucato called for a shift in focus from maximizing shareholder value to solving human problems, advocating for democratic debate and stakeholder engagement in governance. Additionally, she stressed the importance of collective value creation and symbiotic partnerships to address economic challenges.
128 word summary
Mariana Mazzucato, an interdisciplinary speaker, discussed the themes of her book "The Value of Everything" at an event involving three Oxford schools. She highlighted the need for a new narrative about value in economic thinking, emphasizing the historical evolution of the concept of value and its impact on economic reasoning. Mazzucato emphasized the lack of attention to the actual impact of the financial sector and corporate governance on the economy, calling for a shift in focus from maximizing shareholder value to solving human problems. She advocated for democratic debate in prioritizing challenges and stakeholder engagement in governance. Additionally, Mazzucato emphasized the importance of collective value creation beyond bashing the financial sector and advocated for symbiotic partnerships and contracts between public, private, and third sectors to address economic challenges.
355 word summary
The event brought together three Oxford schools to discuss themes close to their hearts, highlighting the aim of facilitating interdisciplinary work across the university. Mariana Mazzucato, whose work spans Economics and other fields, was introduced as a speaker inspiring those who want to improve government. Her book “The Entrepreneurial State” debunked public versus private sector myths and highlighted the role of public organizations in the success of the tech sector. Her new book “The Value of Everything” was the focus of the event.
Mazzucato outlined four major problems in the current economy: finance, business, the planet, and the state, emphasizing the need for a new narrative about value in economic thinking. She delved into a historical overview of economic thought, emphasizing how the concept of value has evolved over time and how this shift has impacted economic reasoning.
She discussed the implications of this shift, including the disappearance of class struggle from economic theory and the tautological nature of value being revealed by price. Mazzucato highlighted the need for a new narrative about value and its role in economic thinking, calling for a reevaluation of GDP measurement and a renewed focus on addressing contemporary economic challenges.
The financial sector and corporate governance have been subject to a lack of attention in terms of their actual impact on the economy. The lack of recognition of the value created by the government has led to a focus on facilitating private sector investment, rather than recognizing the value created by public actors.
A new theory of value is needed to shift the focus from maximizing shareholder value to solving human problems and creating fit order in the economy. Mazzucato emphasizes the importance of democratic debate in determining which challenges are prioritized and highlights the need for stakeholder engagement in governance.
She also discusses her interactions with financial institutions and her efforts to highlight collective value creation beyond just bashing the financial sector. Mazzucato emphasizes the importance of governing the system to inform market outcomes and address challenges faced by developing countries. She advocates for symbiotic partnerships and contracts between public, private, and third sectors to address these challenges.
1096 word summary
The event brought together three Oxford schools to discuss themes close to their hearts. Professor Sir Charles Godfrey, director of the Oxford Martin School, highlighted the school's aim to facilitate interdisciplinary work across the university. The event also linked with the Blavatnik School and with INET, and featured Mariana Mazzucato, whose work spans Economics and other fields.
Mazzucato was introduced as a speaker whose work is inspiring for those who want to improve government and believe in the good that government can do. Her book “The Entrepreneurial State” debunked public versus private sector myths and highlighted the role of public organizations in the success of the tech sector. Her new book “The Value of Everything” was the focus of the event.
Mazzucato began her presentation by expressing gratitude for the opportunity to speak, despite feeling ill. She discussed the title of her book and how it was influenced by a conversation with Nairi, emphasizing the importance of focusing on problems in the current economy. She outlined four major problems: finance, business, the planet, and the state, and highlighted the need for a new narrative about value in economic thinking.
She delved into a historical overview of economic thought, from the mercantilists and physiocrats to classical economists and neoclassical economics. She emphasized how the concept of value has evolved over time, from an objective approach to a subjective one, and how this shift has impacted economic reasoning.
Mazzucato discussed the implications of this shift, including the disappearance of class struggle from economic theory and the tautological nature of value being revealed by price. She connected these changes to contemporary issues such as GDP measurement and how financialization has affected GDP calculations.
In conclusion, Mazzucato highlighted the need for a new narrative about value and its role in economic thinking. She emphasized the importance of understanding how value is created by different actors in the economy and how the logic from price to value impacts economic reasoning. She called for a reevaluation of GDP measurement and a renewed focus on addressing contemporary economic challenges.
The financial sector and corporate governance have been subject to a lack of attention in terms of their actual impact on the economy. The focus on short-term returns and shareholder value has led to a lack of critique of underlying value theory, which has allowed for value extraction practices to be presented as value creation. The lack of attention on who is actually creating value in the economy has contributed to this problem.
The government faces a unique challenge in that it cannot claim to be productive due to the lack of valuation of the output of publicly funded goods and services. This lack of recognition of the value created by the government has led to a focus on facilitating private sector investment, rather than recognizing the value created by public actors.
A new theory of value is needed to shift the focus from maximizing shareholder value to solving human problems and creating fit order in the economy. This new theory would recognize that value creation is an evolutionary process driven by knowledge and innovation. It would also differentiate between rent seeking and true value creation by asking if a product or service solves a real problem for real people.
The idea of a new theory of value should not be limited to economists and policymakers, but should be subject to democratic debate and collective consideration. It is important to involve a variety of perspectives and voices in shaping this new theory.
There are concerns about the implications of valuing or paying the makers more than the takers, as well as the contradictions and problems that may remain unsolved within capitalism. The dominance of capitalist realism and the market's decision-making power also raise questions about the economy's structure and the choices available within capitalism.
The problems outlined, such as finance dominating productive investment, may be symptoms of a demand problem. There is a need for incentives to invest in productive capital, as well as potential solutions involving state investments and higher taxes to collectivize collectively produced wealth. However, this raises questions about national economy taxation and its impact on the investing class.
A key question is how to objectively determine if certain entities, such as those in the financial sector, are actually producing value. This highlights the need for an objective basis to assess productivity and value creation, which could involve a shift in focus from short-term returns to long-term impact and problem-solving.
Mariana Mazzucato discusses the global implications of her work on the value of collective creation in the economy. She emphasizes the importance of democratic debate in determining which challenges are prioritized, and highlights the need for stakeholder engagement in governance. Mazzucato also addresses the issue of urbanization and the need to redefine the market, emphasizing that markets are outcomes of decisions and conflicts. She advocates for a more empathetic approach to policymaking and decision-making, particularly in addressing challenges such as aging populations.
Regarding the issue of demand, Mazzucato points out that private debt levels are at record highs, leading to concerns about real wages and business investment. She emphasizes the need for bold policy-making to address these issues and suggests that tax policies may have limited impact on increasing business investment. Additionally, Mazzucato discusses her interactions with financial institutions and her efforts to highlight the collective value creation beyond just bashing the financial sector.
Mazzucato also delves into the topic of finance in developing countries, highlighting the need for more patient, long-term focused finance. She emphasizes the importance of governing the system to inform market outcomes and address challenges faced by developing countries. She also discusses the issue of data governance and the need for new institutional structures to confront challenges in the digital economy.
In response to a question about government's role in the economy, Mazzucato emphasizes that it's not necessarily about big or small government, but about creating structures that match the ambition of current challenges. She advocates for symbiotic partnerships and contracts between public, private, and third sectors to address these challenges. Additionally, she discusses the privatization of science and the need to reevaluate current structures and ways of thinking about value.
Mazzucato concludes by highlighting the need for a deep debate on these issues and expresses gratitude for the opportunity to engage in such a stimulating discussion. She acknowledges that there are many more topics to explore, including China's approach to resolving economic issues. Finally, Charles Godfrey, director of the Oxford Martin School, expresses gratitude to Mazzucato for her thought-provoking talk and her dedication despite being unwell.
1210 word summary
The event, hosted by the dean of the school, brought together three Oxford schools to discuss themes close to their hearts. Professor Sir Charles Godfrey, director of the Oxford Martin School, highlighted the school's aim to facilitate interdisciplinary work across the university. The event also linked with the Blavatnik School and with INET, and featured Mariana Mazzucato, whose work spans Economics and other fields.
Mazzucato was introduced as a speaker whose work is inspiring for those who want to improve government and believe in the good that government can do. Her book "The Entrepreneurial State" debunked public versus private sector myths and highlighted the role of public organizations in the success of the tech sector. Her new book "The Value of Everything" was the focus of the event.
Mazzucato began her presentation by expressing gratitude for the opportunity to speak, despite feeling ill. She discussed the title of her book and how it was influenced by a conversation with Nairi, emphasizing the importance of focusing on problems in the current economy. She outlined four major problems: finance, business, the planet, and the state, and highlighted the need for a new narrative about value in economic thinking.
She delved into a historical overview of economic thought, from the mercantilists and physiocrats to classical economists and neoclassical economics. She emphasized how the concept of value has evolved over time, from an objective approach to a subjective one, and how this shift has impacted economic reasoning.
Mazzucato discussed the implications of this shift, including the disappearance of class struggle from economic theory and the tautological nature of value being revealed by price. She connected these changes to contemporary issues such as GDP measurement and how financialization has affected GDP calculations.
She stressed the importance of rethinking how value is created and distributed in the economy, pointing out that debates about value have been lost over time. She argued that moving away from an attention to concrete ways that production is changing has hindered discussions about some of the biggest questions in economics.
In conclusion, Mazzucato highlighted the need for a new narrative about value and its role in economic thinking. She emphasized the importance of understanding how value is created by different actors in the economy and how the logic from price to value impacts economic reasoning. She called for a reevaluation of GDP measurement and a renewed focus on addressing contemporary economic challenges.
The financial sector and corporate governance have been subject to a lack of attention in terms of their actual impact on the economy. The focus on short-term returns and shareholder value has led to a lack of critique of underlying value theory, which has allowed for value extraction practices to be presented as value creation. The lack of attention on who is actually creating value in the economy has contributed to this problem.
The government faces a unique challenge in that it cannot claim to be productive due to the lack of valuation of the output of publicly funded goods and services. This lack of recognition of the value created by the government has led to a focus on facilitating private sector investment, rather than recognizing the value created by public actors.
A new theory of value is needed to shift the focus from maximizing shareholder value to solving human problems and creating fit order in the economy. This new theory would recognize that value creation is an evolutionary process driven by knowledge and innovation. It would also differentiate between rent seeking and true value creation by asking if a product or service solves a real problem for real people.
The idea of a new theory of value should not be limited to economists and policymakers, but should be subject to democratic debate and collective consideration. It is important to involve a variety of perspectives and voices in shaping this new theory.
There are concerns about the implications of valuing or paying the makers more than the takers, as well as the contradictions and problems that may remain unsolved within capitalism. The dominance of capitalist realism and the market's decision-making power also raise questions about the economy's structure and the choices available within capitalism.
The problems outlined, such as finance dominating productive investment, may be symptoms of a demand problem. There is a need for incentives to invest in productive capital, as well as potential solutions involving state investments and higher taxes to collectivize collectively produced wealth. However, this raises questions about national economy taxation and its impact on the investing class.
A key question is how to objectively determine if certain entities, such as those in the financial sector, are actually producing value. This highlights the need for an objective basis to assess productivity and value creation, which could involve a shift in focus from short-term returns to long-term impact and problem-solving.
In conclusion, there is a need for a new theory of value that recognizes the evolutionary process of value creation, involves democratic debate and collective consideration, and addresses the implications and contradictions within capitalism. This new theory should also provide an objective basis for assessing productivity and value creation in different sectors of the economy.
Mariana Mazzucato discusses the global implications of her work on the value of collective creation in the economy. She emphasizes the importance of democratic debate in determining which challenges are prioritized, and highlights the need for stakeholder engagement in governance. Mazzucato also addresses the issue of urbanization and the need to redefine the market, emphasizing that markets are outcomes of decisions and conflicts. She advocates for a more empathetic approach to policymaking and decision-making, particularly in addressing challenges such as aging populations.
Regarding the issue of demand, Mazzucato points out that private debt levels are at record highs, leading to concerns about real wages and business investment. She emphasizes the need for bold policy-making to address these issues and suggests that tax policies may have limited impact on increasing business investment. Additionally, Mazzucato discusses her interactions with financial institutions and her efforts to highlight the collective value creation beyond just bashing the financial sector.
Mazzucato also delves into the topic of finance in developing countries, highlighting the need for more patient, long-term focused finance. She emphasizes the importance of governing the system to inform market outcomes and address challenges faced by developing countries. She also discusses the issue of data governance and the need for new institutional structures to confront challenges in the digital economy.
In response to a question about government's role in the economy, Mazzucato emphasizes that it's not necessarily about big or small government, but about creating structures that match the ambition of current challenges. She advocates for symbiotic partnerships and contracts between public, private, and third sectors to address these challenges. Additionally, she discusses the privatization of science and the need to reevaluate current structures and ways of thinking about value.
Mazzucato concludes by highlighting the need for a deep debate on these issues and expresses gratitude for the opportunity to engage in such a stimulating discussion. She acknowledges that there are many more topics to explore, including China's approach to resolving economic issues. Finally, Charles Godfrey, director of the Oxford Martin School, expresses gratitude to Mazzucato for her thought-provoking talk and her dedication despite being unwell.
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Source: https://www.youtube.com/live/lCLSvojyJoI?si=YhzVoDy8sJWuUwU_
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...