Mariana Mazzucato is a renowned Professor of Economics at UCL University College London UCL. She is the founder and director of the UCL Institute for Innovation and Public Purpose, where her work focuses on the principle of an ‘entrepreneurial state’ to drive innovation and economic growth. Her work challenges conventional economic thinking by focusing on the transformative potential of a state-led mission economy. She argues that the state plays a crucial role in creating and shaping markets, particularly in high-risk areas where the private sector is reluctant to invest. This perspective challenges the mainstream view that the private sector is the sole driver of innovation and economic growth.
Mazzucato’s work has had a significant impact on economic theory and policy, with her ideas informing policy discussions around the world. Her work on mission-oriented policies, in particular, has been influential in shaping policy discussions around sustainability and innovation. In her 2018 article, “Mission-oriented innovation policies: challenges and opportunities”, Mazzucato discussed the challenges and opportunities of mission-oriented policies in driving innovation and addressing societal challenges [5].
In her 2022 article, “Regulate industry in all economic sectors to achieve health for all”, she discussed the need to rethink public value and public purpose in the economy to prioritise and support the common interest.
By emphasising the importance of distinguishing between value creation and value extraction, redefining public value and public purpose, and promoting mission-oriented policies, Mazzucato’s work offers a path towards a more inclusive, sustainable, and innovation-led economy.
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REFERENCES
[2] https://www.bmj.com/content/385/bmj.q530
[3] https://citec.repec.org/p/m/pma141.html
