Why doesn’t the government just get out of the way and let the private sector — the “real revolutionaries” — innovate? It’s rhetoric you hear everywhere, and Mariana Mazzucato wants to dispel it. In an energetic talk, she shows how the state — which many see as a slow, hunkering behemoth — is really one of our most exciting risk-takers and market-shapers.
Which actor in the economy is most responsible for making radical innovation happen? Mariana Mazzucato comes up with a surprising answer: the state.
Mazzucato, a professor of economics at the Science and Technology Policy Research Unit (SPRU, University of Sussex), argues that Europe needs today to rediscover that role — that what the continent needs is not austerity but strategic investments (and new instruments such as public investments banks) towards an “innovation Union.”