Summary We Need To Question The Economic Stories We've Been Told — Mariana Mazzucato at Long Now - YouTube (Youtube) www.youtube.com
1,050 words - YouTube video - View YouTube video
One Line
The speaker emphasizes the importance of examining the notion of value in the economy, differentiating between creating value and extracting it, and highlighting the negative outcomes of prioritizing extraction.
Slides
Slide Presentation (8 slides)
Key Points
- The speaker emphasizes the importance of understanding the concept of value in economics and how it relates to value creation and extraction.
- The speaker argues that value extraction is often rewarded more than value creation, leading to potential value destruction.
- The speaker highlights the need to reform finance and business practices to ensure activities are within the "production boundary."
- The speaker criticizes the tendency to disguise value extraction as value creation, using examples from the financial sector.
- The speaker questions how productivity is measured and suggests that the way value is accounted for can create a self-fulfilling prophecy.
- The speaker discusses the use of narratives and discourse to justify certain sectors or actors as wealth creators, while others are not seen as productive.
- The speaker mentions the pharmaceutical industry's use of value-based pricing to justify price increases and contrasts it with the perception of teachers and the state in creating value.
- The speaker argues that by not discussing and questioning the concept of value, these narratives and stories are allowed to persist without scrutiny.
Summaries
28 word summary
The speaker stresses the need to question the concept of value in the economy, distinguishing between value creation and extraction, and the consequences of rewarding the latter more.
46 word summary
In this excerpt, the speaker discusses the importance of questioning the concept of value in the economy. They argue that we need to understand the difference between value creation and value extraction, and what happens when the latter is rewarded more. The speaker emphasizes that they
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Source: https://www.youtube.com/watch?v=J7ZSWcDWLnI
Page title: We Need To Question The Economic Stories We've Been Told — Mariana Mazzucato at Long Now - YouTube
Meta description: Economist Mariana Mazzucato argues that when we confuse price with value, we end up with a form of capitalism that rewards value extraction activities over v...