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The event will be live streamed from the Blavatnik School and available on their YouTube channel

Join us for a talk with Mariana Mazzucato, Professor in the Economics of Innovation and Public Value at University College London, and author of The Entrepreneurial State: Debunking Public vs. Private Sector Myths and The Value of Everything: making and taking in the global economy.

Prof. Mazzucato will argue that modern economic theory has led to the confusion between profits and rents, and hence the distinction between value creation and value extraction. Using case studies from Silicon Valley to the financial sector to big pharma, she demonstrates how the current rules of the system reward extractors over creators, and distort the measurements of growth and GDP. In the process, innovation suffers and inequality rises. To move to a different system—with growth that is more inclusive, sustainable and innovation-led—it is critical to rethink public value and public purpose in the economy. Dean Ngaire Woods will introduce Prof. Mazzucato’s talk and then Prof. Karthik Rammana and Prof. Eric Beinhocker will provide responses, followed by Q&A and discussion with the audience. This talk is a joint event between the Blavatnik School, the Oxford Martin School, and the Martin School's Institute for New Economic Thinking.

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About the Speaker:

Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London (UCL), and Director of UCL's Institute for Innovation and Public Purpose . Her work is focused on the economics of innovation; patient finance; economic growth and the role of the State in modern capitalism. She advises policy makers around the world on how to achieve economic growth that is more innovation-led, inclusive and sustainable. Her 2013 book, The Entrepreneurial State: debunking public vs. private sector myths, looks at the ‘investor of first resort’ role that the State has played in the history of technological change — from the Internet, to biotech and clean-tech — and the implications for future innovation and for achieving public-private partnerships that are more symbiotic. In 2016 she co-edited a book called Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth focusing on the need for new economic thinking to drive more effective economic policies. Her new book The Value of Everything, available in UK and US edition, looks at the need to revisit the difference between value creation and value extraction, and the problems that arise when one is confused with the other.

Mariana Mazzucato
Prof Mariana Mazzucato


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