Past Event

INET Seminar Series: The Entrepreneurial State and the Risk-Reward Relationship

Professor Mariana Mazzucato, 

Reginald M. Phillips Professor in the Economics of Innovation

SPRU, University of Sussex

Abstract:

The talk will focus on the relationship between the State and the Market. I will argue that the State not only ‘fixes’ different problem/failures in the market (of which there are many) but also actively shapes and creates markets. It does so in the face of extreme risk and uncertainty. I will consider different implications (theoretical, empirical, and ‘political’) of the blindness of economics (as a discipline) to understanding the State as market maker and lead risk-taker in capitalist economies—beyond the traditional ‘market failure’ framework. A key implication concerns the way in which risks have been socialised, while rewards privatised.  The talk will consider concrete mechanisms to reform this dysfunctional relationship,  building more ‘symbiotic’ eco-systems between the public and private sector, and achieving growth that is not only ‘smart’ but also ‘inclusive’. 

 

The talk will build on my recent book 'The Entrepreneurial State: debunking private vs. public sector myths' as well as related papers.

Details:

07 March 2014 15:30 -

Further Information


Location

Oxford Martin School

Old Indian Institute
34 Broad Street (corner of Holywell and Catte Streets)
Oxford
OX1 3BD


Complexity Economics