This book debunks the myth of the state as a large bureaucratic organization that can at best facilitate the creative innovation which happens in the dynamic private sector. Analysing various case studies of innovation-led growth, in particular examples from Silicon Valley, it describes the opposite situation, whereby the private sector only finds the courage to invest after the courageous state has made the high-risk investments. It argues that in the history of modern capitalism, the state has actively opened up new technologies and markets that private investors only later move into.
|Series:||Anthem Other Canon Economics , #1|
|Product dimensions:||5.40(w) x 8.40(h) x 0.70(d)|
About the Author
Mariana Mazzucato is professor of economics at the University of Sussex, where she holds the prestigious RM Philips Chair in Science and Technology Policy.
Most Helpful Customer Reviews
Interesting analysis on how the state can contribute to long term economic growth especially through investment in research. I found it in line with some of the seminal contributions of Ken Arrow, Dick Nelson, and Keith Pavitt, among the others. However, I would have expected a deeper exploration of the conditions and the rules that can increase productivity and positive externalities of public investment. Moreover, as shown by the cases of Silicon Valley and Cambridge Ma., the US public research system has properties that other national systems of innovation were not able to replicate. So, I would have expected more emphasis on the interplay between competitive, mission oriented, public investment and vibrant market driven innovation dynamics. A good reading in any case. Mahee Ferlini
This is a strong argument for more government involvement in research and development. Most economists will tell you basic research is a legitimate function of government but specific technologies should be left to the marketplace Mazzucato goes a step further She argues that even very specific technological advances owe their exsitence to government research and funding. Apple is her leading example of the importance of government research. She argues persuasively --in my opinion at least-- that most of the iphone/ipad features exist solely because of military/ public university research. A very worthwhile read for people interested in economic discussions.