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Mariana Mazzucato

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Mariana Mazzucato
Born (1968-06-16) June 16, 1968 (age 56)
Rome, Italy
NationalityItalian; American
Academic career
FieldEconomics
InstitutionUniversity of Sussex (SPRU)
Alma materThe Graduate Faculty of The New School (Ph.D., 1997)
Tufts University (B.A., 1990)
Information at IDEAS / RePEc

Mariana Mazzucato (born June 16, 1968) is an economist, with dual Italian and American citizenship.[1] She is RM Phillips Professor in the Economics of Innovation at the University of Sussex (SPRU) and author of The Entrepreneurial State: debunking public vs. private sector myths.

Early life

Mazzucato's Italian parents, Ernesto and Alessandra, moved to Princeton, New Jersey in 1972, with their three young children, Valentina, Mariana and Jacopo, after the husband accepted a position as a physicist at Princeton University's Plasma Physics Laboratory.[2]

Mazzucato spent most of her life in the United States before returning to Europe in 2000.[1]

Education

Mazzucato obtained a Bachelor of Arts in history and economics from Tufts University in 1990, a Masters in economics from the New School for Social Research in 1994, and a PhD in economics, also from the New School in 1997.[3] After receiving her PhD, she became assistant professor of economics at the University of Denver in 1997.[3]

Career

Mazzucato currently holds the RM Phillips Chair in the Economics of Innovation in SPRU, the University of Sussex. Her recent book The Entrepreneurial State: debunking private vs. public sector myths (Anthem, 2013) was on the 2013 Books of the Year list of the Financial Times. It focuses on the need to develop new frameworks to understand the role of the state in economic growth—and how to enable rewards from innovation to be just as ‘social’ as the risks taken. In 2014 she was awarded the New Statesman SPERI Prize in Political Economy for her work on the entrepreneurial state and innovation in the public sector. She is a member of the Scottish Government’s Council of Economic Advisors; a Commissioner for the World Economic Forum on the Economics of Innovation and a permanent member of the European Commission’s expert group on Innovation for Growth (RISE). In 2013 the New Republic called her one of the '3 most important thinkers about innovation' . She has also held academic positions at the University of Denver, London Business School, Open University, and Bocconi University. Mazzucato was the Coordinator of a 3-year European Commission Framework Programmes 7 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 was Deputy Director of the Open University's inter-faculty centre on Innovation, Knowledge and Development, which she directed from 2004–2009. From 2007 to 2009, she was visiting professor at Bocconi University.

Research

Mazzucato's work examines the interaction between technological change, firm performance and industry structure.[4]

She works within the Schumpeterian framework of evolutionary economics, studying the origin and evolution of persistent differences between firms and how these differences vary across sectors and over the industry life-cycle.[5][6][7]

Her empirical studies have focused on the auto, PC, biotech and pharma industries. Her most recent work has analyzed the co-evolution of technological change and stock market bubbles. In this, she claims that stock price volatility tends to be highest at the firm and industry level, when technological innovation is the most "radical".[8][9][10]

In 2011, Mazzucato published The Entrepreneurial State,[11] in which she argues that the most risky and uncertain investments underlying most technological revolutions were undertaken by public sector agencies. She claims that neither the 'market failure' perspective nor the National Systems of Innovation perspective, have adequately studied the risk-taking role of the public sector, and its ability to set the vision and 'mission' for private sector growth. She also argues that while private risk finance is lacking in many sectors, most venture capital investments in Silicon Valley were riding the wave of public sector investments. Developing this argument, in a 2012 paper for the think tank Policy Network entitled "The Risk-Reward Nexus", Mazzucato argues that central to this policy debate is an understanding of the tension between how value is created and how value is extracted in modern day capitalism.

Offering her perspective on why 'smart,' innovation-led growth has not led to 'inclusive growth', she argues that there is a disproportionate balance between the 'collective' distribution of risk taking in the innovation process, and the increasingly narrow distribution of the rewards.[12]

Similarly, in another paper for the think tank Policy Network called "Rebalancing What?", Mazzucato argues that the problem is not only one of short-termism, it is also about the way in which financial activities focused on value extraction have been rewarded above activities focused on value creation – often leading to value destruction.[13]

Critics have argued that Mazzucato offers a confused definition of "public goods," which is a "crucial point," since "the non-rivalrous and non-excludable nature [of public goods] make them difficult to profit from providing," and thus the private sector cannot, by definition, be interested in them.[14] Others claim that she is "too hard on business"[15] but acknowledge that "she is right to argue that the state has played a central role in producing game-changing breakthroughs, and that its contribution to the success of technology-based businesses should not be underestimated."[15]

Martin Wolf wrote that The Entrepreneurial State offers "a controversial thesis," but "it is basically right,"[16] and warns that the "failure to recognise the role of the government in driving innovation may well be the greatest threat to rising prosperity."[16] Another critic stated that "it is one thing to legitimize the state as a driver of innovation and give credit where credit is due — something [Mazzucato's] book does masterfully", but "it is another thing altogether to craft effective innovation policy that deals with risk in a politically acceptable way."[17]

Selected publications

Books

  • Mazzucato, M. (2013), The Entrepreneurial State: debunking private vs. public sector myths, Anthem Press: London, UK, ISBN 9780857282521
  • Mazzucato, M. (2011), The Entrepreneurial State, Demos, London, UK. ISBN 978-1-906693-73-2, 149 pages.
  • Mazzucato, M., Lowe, J., Shipman, A. and Trigg, A. (2010), Personal Investment: Financial Planning in an Uncertain World, Palgrave Macmillan, Basingstoke UK, ISBN 978-0-230-24660-7, 448 pages.
  • Mazzucato, M. and Dosi, G. (Eds, 2006), Knowledge Accumulation and Industry Evolution: Pharma-Biotech, Cambridge University Press, Cambridge UK, ISBN 0-521-85822-4, 446 pages.
  • Mazzucato, M. (Ed, 2002), Strategy for Business, A Reader, Sage Publications, London, 2002, ISBN 0-7619-7413-X, 378 pages.
  • Mazzucato, M. (2000), Firm Size, Innovation and Market Structure: The Evolution of Market Concentration and Instability, Edward Elgar, Northampton, MA, ISBN 1-84064-346-3, 138 pages.

Articles

  • Mazzucato, M. and Parris, S. (2014), “Heterogeneity, R&D and growth: a quantile regression approach,” Small Business Economics Journal, 43(1): DOI 10.1007/s11187-014-9583-3
  • Mazzucato, M. (2013) “Debunking the market mechanism: a response to John Kay”, Political Quarterly, 84 (4): 444–447,
  • Mazzucato, M. (2014) “Costruire lo Stato innovatore: un nuovo quadro per la previsione e la valutazione di politiche economiche che creano (non solo aggiustano) il mercato,” in Special Issue on The Entrepreneurial State: A DISCUSSION (Lo Stato innovatore: una discussione), Economia & Lavoro, 3:(Sept-Dec)
  • Mazzucato, M. and Shipman, A. (2014), “Accounting for productive investment and value creation,” Industrial and Corporate Change, 23(1): 1-27
  • Lazonick, W., Mazzucato, M., and Tulum, O. (2013) “Apple's Changing Business Model: What Should the World's Richest Company Do with All Those Profits?” Accounting Forum. 37: 249-267
  • Mazzucato, M. (2013), “Finance, innovation and growth: finance for creative destruction vs. destructive creation,” in special issue of Industrial and Corporate Change, M. Mazzucato (ed.), 22(4): 869-901
  • Lazonick, W. and Mazzucato, M. (2013), “The risk-reward nexus in the innovation-inequality relationship: Who takes the risks? Who gets the rewards?,” in special issue of Industrial and Corporate Change, M. Mazzucato (ed.), 22(4):1093-1128
  • Mazzucato, M. and Tancioni, M. (2012), “R&D, Patents and Stock Return Volatility,” Journal of Evolutionary Economics, Vol. 22 (4):811–832.
  • Demirel, P. and Mazzucato, M. (2012), “Innovation and Firm Growth: Is R&D Worth It?” Industry and Innovation, Vol. 19, (2).
  • Demirel, P. and Mazzucato, M. (2010), "The Evolution of Firm Growth Dynamics in the US Pharmaceutical Industry", Regional Studies, Vol. 44 (8), pp. 1053–1066.
  • Mazzucato, M. and Tancioni, M. (2008), "Idiosyncratic Risk and Innovation: A Firm and Industry Level Analysis", Industrial and Corporate Change, Vol. 17 (4), pp. 779–811.
  • Mazzucato, M (2006), "Innovation and Stock Prices", Revue de L’Observatoire Francais de Conjonctures Economiques, June 2006, Special Issue on Industrial Dynamics, Productivity and Growth.
  • Mazzucato, M. and Tancioni, M. (2005), "Indices that Capture Creative Destruction: Questions and Implications", Revue d’Economie Industrielle. 110 (2nd tr.), pp. 199–218.
  • Mazzucato, M. (2003), "Risk, Variety and Volatility: Innovation, Growth and Stock Prices in Old and New Industries", Journal of Evolutionary Economics, Vol. 13 (5), pp. 491–512.
  • Geroski, P. and Mazzucato, M. (2002), "Learning and the Sources of Corporate Growth", Industrial and Corporate Change, Vol. 11 (4), pp. 623–644.
  • Mazzucato, M. (2002), "The PC Industry: New Economy or Early Life-Cycle", Review of Economic Dynamics, Vol. 5 (2), pp. 318–345.
  • Geroski, P. and Mazzucato, M. (2002), "Myopic Selection and the Learning Curve", Metroeconomica, Vol. 53 (2), pp. 181–199.
  • Mazzucato, M. and Semmler, W. (2002), "The Determinants of Stock Price Volatility: An Industry Study", Nonlinear Dynamics, Psychology, and Life Sciences, Vol. 6 (2), pp. 230–253.
  • Geroski, P. and Mazzucato, M. (2002), "Modelling the Dynamics of Industry Populations", International Journal of Industrial Organization, Vol. 19 (7), pp. 1003–1022.
  • Mazzucato, M. (2000), "Firm Size, Innovation, and Market Share Instability: the Role of Negative Feedback and Idiosyncratic Events", Advances in Complex Systems, Vol. 3 (1–4), pp. 417–431.
  • Mazzucato, M. and Semmler, W. (1999), "Stock Market Volatility and Market Share Instability during the US Automobile Industry Life-Cycle", Journal of Evolutionary Economics, Vol. 9 (1), pp. 67–96.
  • Mazzucato, M. (1998), "A Computational Model of Economies of Scale and Market Share Instability", Structural Change and Economic Dynamics, Vol. 9 (1), pp. 55–83.

Personal life

Mazzucato is married to Carlo Cresto-Dina, an Italian film producer, and they have four children.[2] She has her own recipe for meatloaf.[18]

References

  1. ^ a b About, Official website
  2. ^ a b Alessandra Mazzucato obituary, Town Topics, 16 February 2011
  3. ^ a b [1], Official website
  4. ^ Mazzucato, M. (2000), Firm Size, Innovation and Market Structure: The Evolution of Market Concentration and Instability, Edward Elgar, Northampton, MA, ISBN 1-84064-346-3, 138 pages.
  5. ^ Demirel, P. and Mazzucato, M. (2010), The Evolution of Firm Growth Dynamics in the US Pharmaceutical Industry, Regional Studies, Volume 44 Issue 8, 1053
  6. ^ Geroski, P. and Mazzucato, M. (2002), Learning and the Sources of Corporate Growth, Industrial and Corporate Change, Vol. 11 (4): 623–644
  7. ^ Geroski, P. and Mazzucato, M. (2002), Modelling the Dynamics of Industry Populations, International Journal of Industrial Organization, Vol. 19, 2001: pp. 1003–1022
  8. ^ Mazzucato, M. and Tancioni, M. (2008), Idiosyncratic Risk and Innovation: A Firm and Industry Level Analysis, Industrial and Corporate Change, Vol. 17 (4): 779–811
  9. ^ Mazzucato, M. (2003), Risk, Variety and Volatility: Innovation, Growth and Stock Prices in Old and New Industries, Journal of Evolutionary Economics, Vol. 13 (5): 491–512
  10. ^ Mazzucato, M. (2002), The PC Industry: New Economy or Early Life-Cycle, Review of Economic Dynamics, Vol. 5: 318–345
  11. ^ The Entrepreneurial State
  12. ^ M. (2012), Policy Network, The Risk-Reward Nexus: The Risk-Reward Nexus: Innovation, Finance and Inclusive Growth
  13. ^ Mazzucato, M. (2012), Policy Network, Rebalancing What?: Reforming finance for creative destruction not destructive creation
  14. ^ "The Intellectual Hole At The Heart Of Mariana Mazzucato's Entrepreneurial State" by Tim Worstall, Forbes, 15 December 2013
  15. ^ a b "The entrepreneurial state", The Economist, 31 August 2013
  16. ^ a b "A much-maligned engine of innovation" by Martin Wolf, The Financial Times, 4 August 2013
  17. ^ "Winners only the state can pick: Mariana Mazzucato's The Entrepreneurial State" by Robert D. Atkinson, The Hill, 23 June 2013
  18. ^ "Italian Meatloaf In London" by Linda Prospero, 19 November 2011

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