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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., 1999)
Tufts University (B.A., 1990)
InfluencesJoseph Schumpeter, John Maynard Keynes
Information at IDEAS / RePEc

Mariana Mazzucato (born June 16, 1968) is an economist, with dual Italian and United States 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.[2]

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 Ernesto accepted a position as a physicist at Princeton University's Plasma Physics Laboratory. Mariana Mazzucato spent most of her life in the United States before returning to Europe in 2000.[3]

Education

Mazzucato obtained a Bachelor of Arts in history and international relations 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 1999.[4]

She graduated from Princeton High School in 1986.

Career

Mazzucato became assistant professor of economics at the University of Denver in 1997.[4] Between 1998 - 1999 she was a Post-Doctoral Marie Curie Research Fellow at the London Business School where she worked and published papers with Paul Geroski (former Dean of the London Business School).[5][6][7] In 2000 she joined the Economics Department of the Open University as a Lecturer, becoming full Professor in 2004, where she founded and directed a research centre, Innovation, Knowledge and Development. From 2007 to 2009 she was visiting Professor at Bocconi University.[4]

Mazzucato currently holds the RM Phillips Chair in the Economics of Innovation in SPRU, the University of Sussex, a chair previously held by leading innovation thinkers Christopher Freeman, Keith Pavitt and Nick Von Tunzelmann. In 2013 she published The Entrepreneurial State: debunking public vs. private sector myths (Anthem, 2013).[2] 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. In 2013 The New Republic called her one of "the three most important thinkers about innovation".[8]

In 2016 she was awarded the Hans Matthöfer Preis by Freidrich Ebert Siftung[9] in Berlin.

She is a member of the Scottish Government’s Council of Economic Advisors;[10] a member of the World Economic Forum's Council on the Economics of Innovation[11] and, until 2015, she was a member of the European Commission’s expert group on Innovation for Growth (RISE).[12] From 2009 - 2012, Mazzucato was the Coordinator of a 3-year European Commission Framework Programmes 7 project on finance, innovation and growth, [FINNOV][13] and Economics Director of the ESRC Centre for Social and Economic Research on Innovation in Genomics (Innogen).[4]

On September 27, 2015, it was announced that she had been appointed to the British Labour Party's Economic Advisory Committee, convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn,[14]

In 2016 she gave the first of a series of lectures organised by John McDonnell intended to “broaden the debate around economics”[15] in the UK.

In 2015 Mazzucato was commissioned to write a report[16] for the Brazilian Government’s Ministry for Science, Technology & Innovation on Brazil’s innovation policy which was published on April 6, 2016.[17]

Mazzucato became the first woman to give the Raúl Prebisch Lecture organised by the United Nations Economic Commission for Latin America and the Caribbean in Santiago, Chile in April 2016.[18]

Research

Mazzucato's research focuses on the relationship between financial markets, innovation and economic growth - at the company, industry and national level.[19]

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][7][20]

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".[21][22][23]

In 2013, Mazzucato published ""The Entrepreneurial State: debunking public vs. private sector myths"" (Anthem).[2] The ideas in the book were first set out in a shorter pamphlet for the think tank Demos, called The Entrepreneurial State.[24] The 2013 book argues that the idea of the State as a static bureaucratic organisation only needed to ‘fix’ market failures, leaving dynamic entrepreneurship and innovation to the private sector, is wrong. She outlines a number of case studies across different sectors, including biotech, pharmaceuticals and clean technology, to show that the high-risk investments are being made by the state before the private sector gets involved. In a chapter examining the iPhone, she outlines how the technologies that make it ‘smart’ – the internet, GPS, its touchscreen display and the voice-activated Siri – were all Government funded.[25]

Two chapters in the book are dedicated to the emerging ‘green technology’ revolution. She details the public funds that she argues are laying the groundwork for this revolution in a similar way that the state invested in the most high-risk areas of biotech and nanotech.[26] The book concludes with the author's contention that in all these examples, the risks were socialized while the rewards were privatized, and considers different ways to change this dynamic to produce more ‘inclusive growth’.[27]

In 2015 a US edition was published by PublicAffairs that included a new introduction.[2] Her 2015 article in Foreign Affairs provides a summary of the book and outlines its implications for the public sector sharing not only risks, but also rewards.[28]

She has also focused on inequality in her work with William Lazonick (Professor and Director of the University of Massachusetts Center for Industrial Competitiveness). Their joint article, "The Risk-Reward Nexus: Who takes the risks? Who gets the rewards?" for a special issue of Corporate and Industrial Change, edited by Mazzucato, describes the tension between how value is created and how value is extracted in modern-day capitalism. The authors argue 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.[29] The paper was first published in a 2012 paper for the think tank Policy Network.[30]

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.[31]

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.[32]

Others claim that she is "too hard on business"[33] 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."[33]

Martin Wolf wrote that The Entrepreneurial State offers "a controversial thesis," but "it is basically right,"[34] and warns that the "failure to recognise the role of the government in driving innovation may well be the greatest threat to rising prosperity."[34] 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."[35]

In her recent work, since 2014, Mazzucato has developed her critique of “market failure theory” and her concept of the state’s role in the economy as one of “creating and shaping new markets”[36][37] rather than just fixing them. Her work with Carlota Perez has considered how such a view can enable a new understanding of ‘green’ as a redirection of the entire economy.[38] Her work with Caetano Penna has focussed on the way in which a mission oriented market shaping framework can provide a new understanding of the role of state investment banks.[39][40]

In 2015, John Thornhill, deputy editor of the Financial Times, interviewed Mazzucato for ‘Lunch with the FT’.[41]

Selected publications

Books

  • Mazzucato, M. (2015), The Entrepreneurial State (US Edition), Public Affairs ISBN 9781610396134.
  • Mazzucato, M. and Perez, C. (2015), Innovation as Growth Policy, in "The Triple Challenge: Europe in a New Age", J. Fagerberg, S. Laestadius, and B. Martin (eds.), Oxford University Press: Oxford ISBN 9780198747413
  • Mazzucato, M. (2013), The Entrepreneurial State: debunking public vs. private 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. (2016), "From Market Fixing to Market-Creating: A new framework for innovation policy", Special Issue of Industry and Innovation: “Innovation Policy – can it make a difference?” 23(2)
  • Mazzucato, M. (2015), “Innovation Systems: From Fixing Market Failures to Creating Markets”, Intereconomics, Vol. 50 (3);120-125
  • 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.[3]

References

  1. ^ "Curriculum Vitae". Official website. Mariana Mazzucato. Retrieved 30 December 2015.
  2. ^ a b c d http://www.publicaffairsbooks.com/book/the-entrepreneurial-state/mariana-mazzucato/9781610396141
  3. ^ a b Alessandra Mazzucato obituary, Town Topics, 16 February 2011
  4. ^ a b c d [1], Official website
  5. ^ a b Geroski, P. and Mazzucato, M. (2002), "Modelling the Dynamics of Industry Populations", International Journal of Industrial Organization, Vol. 19 (7), pp. 1003–1022.
  6. ^ Geroski, P. and Mazzucato, M. (2002), "Myopic Selection and the Learning Curve", Metroeconomica, Vol. 53 (2), pp. 181–199.
  7. ^ a b Geroski, P. and Mazzucato, M. (2002), "Learning and the Sources of Corporate Growth", Industrial and Corporate Change, Vol. 11 (4), pp. 623–644.
  8. ^ http://www.newrepublic.com/article/114395/three-most-important-thinkers-about-innovation-you-dont-know
  9. ^ http://www.fes.de/de/preisverleihung-hans-matthoefer-preis-2015/
  10. ^ http://www.gov.scot/Topics/Economy/Council-Economic-Advisers/Membership
  11. ^ http://www.weforum.org/content/global-agenda-council-economics-innovation-2014
  12. ^ [2]
  13. ^ ([3]
  14. ^ "Labour announces new Economic Advisory Committee". Labour Press. 27 September 2015. Retrieved 11 March 2016. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  15. ^ http://www.labour.org.uk/blog/entry/the-new-economics
  16. ^ https://www.cgee.org.br/documents/10195/909424/The_Brazilian_Innovation_System-CGEE-MazzucatoandPenna-FullReport.pdf
  17. ^ http://www.mcti.gov.br/pagina-noticia/-/asset_publisher/IqV53KMvD5rY/content/ministro-defende-dialogo-com-setor-empresarial-para-impulsionar-inovacao-brasileira?p_p_auth=15UZXigR&_101_INSTANCE_IqV53KMvD5rY_redirect=/inicio
  18. ^ http://www.cepal.org/en/pressreleases/mariana-mazzucato-state-does-not-simply-correct-market-failures-it-also-creator-wealth
  19. ^ http://www.sussex.ac.uk/profiles/111262/publications
  20. ^ Demirel, P. and Mazzucato, M. (2010), The Evolution of Firm Growth Dynamics in the US Pharmaceutical Industry, Regional Studies, Volume 44 Issue 8, 1053
  21. ^ 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
  22. ^ 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
  23. ^ Mazzucato, M. (2002), The PC Industry: New Economy or Early Life-Cycle, Review of Economic Dynamics, Vol. 5: 318–345
  24. ^ The Entrepreneurial State
  25. ^ Mazzucato, M (2013). The Entrepreneurial State: debunking public vs. private sector myths. Anthem. ISBN 978-0-85728-252-1.
  26. ^ Mazzucato, M (2013). The Entrepreneurial State: debunking public vs. private sector myths. Anthem. pp. 113–164. ISBN 978-0-85728-252-1.
  27. ^ Mazzucato, M. The Entrepreneurial State: debunking public vs. private sector myths. Anthem. pp. 181–191. ISBN 978-0-85728-252-1.
  28. ^ "‘The Innovative State’", Foreign Affairs, Jan/Feb 2015
  29. ^ Lazonick, W. and Mazzucato, M. (2013), “The risk-reward nexus in the innovation-inequality relationship: Who takes the risks? Who gets the rewards?,” Industrial and Corporate Change, M. Mazzucato (ed.), 22(4):1093-1128
  30. ^ M. (2012), Policy Network, The Risk-Reward Nexus: The Risk-Reward Nexus: Innovation, Finance and Inclusive Growth
  31. ^ Mazzucato, M. (2012), Policy Network, Rebalancing What?: Reforming finance for creative destruction not destructive creation
  32. ^ "The Intellectual Hole At The Heart Of Mariana Mazzucato's Entrepreneurial State" by Tim Worstall, Forbes, 15 December 2013
  33. ^ a b "The entrepreneurial state", The Economist, 31 August 2013
  34. ^ a b "A much-maligned engine of innovation" by Martin Wolf, The Financial Times, 4 August 2013
  35. ^ "Winners only the state can pick: Mariana Mazzucato's The Entrepreneurial State" by Robert D. Atkinson, The Hill, 23 June 2013
  36. ^ Mazzucato, M. "From Market Fixing to Market-Creating: A new framework for innovation policy". Special Issue of Industry and Innovation: “Innovation Policy – Can it make a difference?”. 23(2).
  37. ^ http://archive.intereconomics.eu/year/2015/3/which-industrial-policy-does-europe-need/
  38. ^ Mazzucato, M; Perez, C (2015). "Chapter 8: Innovation as Growth Policy". In Fagerberg, J; Laestadius, S; Martin, B (eds.) (eds.). The Triple Challenge: Europe in a New Age. Oxford University Press: Oxford. ISBN 978-0-198-74741-3. {{cite book}}: |editor-first3= has generic name (help)
  39. ^ Mazzucato, M; Penna, C (2015). "The Rise of Mission-Oriented State Investment Banks: The Cases of Germany's KfW and Brazil's BNDES". SPRU Working Paper Series. 2015–2026.
  40. ^ Mazzucato, M; Penna, C (2014). "Beyond market failures: "The market creating and shaping roles of state investment banks" (PDF). SPRU Working Paper Series. 2014–2021.
  41. ^ Thornhill, J (2015). "Lunch with the FT: Mariana Mazzucato". Financial Times.
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