Why Growth Theory Requires a Theory of the State Beyond Market Failures





The interactive transcript could not be loaded.



Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Oct 16, 2013

Speaker(s): Professor Mariana Mazzucato
Chair: Professor Danny Quah

Recorded on 8 October 2013 in Hong Kong Theatre, Clement House.

Government spending has a higher multiplier when that spending is 'directed' towards large missions. Whether this was putting 'a man on the moon' in the past, or tackling 'climate change' in the future, such missions require a strong intervention by government, beyond the usual justification tied to 'public goods' and 'externalities' (fixing market failures). The talk will consider the implications of mission oriented investments for understanding the role of the state in the economy, how to develop symbiotic (not parasitic) public-private partnerships, and how to judge the performance of state intervention beyond the crowding out-crowding framework.

Mariana Mazzucato is an economist, and holds the RM Phillips Chair in Science and Technology Policy at the University of Sussex (SPRU). Her work focuses on the relationship between financial markets, innovation and economic growth, and is currently funded by the Institute for New Economic Thinking (INET), the Ford Foundation and the European Commission. Her book The Entrepreneurial State: debunking private vs. public sector myths has been called 'heretical' by Forbes.

  • Category

  • License

    • Standard YouTube License


When autoplay is enabled, a suggested video will automatically play next.

Up next

to add this to Watch Later

Add to

Loading playlists...