Economy
Mariana Mazzucato
The Entrepreneurial State
Where does innovation come from? Many would say it comes from the private sector. This is a sizable myth that has been built up around Big Tech and multinational corporations about how they drive economic growth and bring about innovation. Mariana Mazzucato challenges this idea by asking who truly creates wealth and who extracts it.
Lesson Plan
- Lesson Length : 12 Lessons ㆍ 1 hours 21 miutes
- Language : 한국어, English, 简体中文, Spanish, French
Commentary on the role of the state as a game changer in the modern economic system.
Professor Mariana Mazzucato of University College London challenges the popular narratives surrounding the success of tech giants like Apple and Tesla. In her lecture, she argues that the celebrated stories of individual innovators like Steve Jobs and Elon Musk largely overshadow the critical role of government investment in technology and innovation. Mazzucato emphasizes that many of Apple’s iPhone technologies, such as the internet, GPS, touchscreen, and voice-activated systems, were developed with significant government funding, contradicting the myth of purely private innovation.
Additionally, Mazzucato highlights Tesla’s reliance on government support, noting that the company received a substantial $465 million loan from the U.S. Department of Energy in 2009 to develop the Model S. This aspect of Tesla's funding is often overlooked in the broader narrative that credits Elon Musk with the company's breakthroughs.
Throughout her discussion, Mazzucato stresses that the government's role as a value co-creator, risk-taker, and early investor in technological innovation is crucial yet underappreciated. She advocates for a reassessment of how the state's contribution to technological and economic growth is perceived and valued. Her lecture aims to reshape the understanding of innovation, urging a greater appreciation of the state's role, particularly for audiences in innovation-driven countries like Korea and for those intrigued by the myth of Silicon Valley.
Full Bio
Mariana Mazzucato
- John von Neumann Award (2020)
- All European Academies Madame de Staël Prize for Cultural Values (2019)
- Leontief Prize (2018)
- Member of the South African President's Economic Advisory Council (2019- )
- Member of the United Nations' High-Level A
Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London, where she is Founding Director of the UCL Institute for Innovation & Public Purpose. She is winner of international prizes including, the 2020 John von Neumann Award, the 2019 All European Academies Madame de Staël Prize for Cultural Values, and 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She was named as one of the '3 most important thinkers about innovation' by The New Republic, one of the 50 most creative people in business in 2020 by Fast Company, and one of the 25 leaders shaping the future of capitalism by WIRED.
She is the author of four highly-acclaimed books: The Entrepreneurial State: Debunking Public vs. Private Sector Myths (2013), The Value of Everything: Making and Taking in the Global Economy (2018), Mission Economy: A Moonshot Guide to Changing Capitalism (2021), and most recently The Big Con: How the Consulting Industry Weakens our Businesses, Infantilizes our Governments and Warps our Economies (2023). She advises policymakers around the world on innovation-led inclusive and sustainable growth. Her current roles include being Chair of the World Health Organization's Council on the Economics of Health for All, Co-Chair of the Global Commission on the Economics of Water, and the United Nations High-level Advisory Board (HLAB) on Economic and Social Affairs, among others.
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