The Value of Everything: Making and Taking in the Global Economy

Description

The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in. Who really creates wealth in our world? And how do we decide the value of what they do? In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation- the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it?

Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London (UCL), where she is also Founder and Director of the Institute for Innovation and Public Purpose. Her widely published research focuses on the relationship between public policy, innovation, and economic growth and she advises policymakers around the world on how to steer innovation so that it produces growth that is more inclusive and sustainable. She is author of the highly acclaimed book The Entrepreneurial State- Debunking Public vs. Private Sector Mythsand co-editor of Rethinking Capitalism- Economics and Policy for Sustainable and Inclusive Growth. She is winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matth fer-Preis and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She was named as one of the 'three most important thinkers about innovation' in New Republic.

A stimulating analysis of the underlying causes of inequality and growth which forces us to confront long-held beliefs about how economies work and who benefits. ... The book itself adds value by forcing us to confront these points. -- Martin Wolf * Financial Times * Someone should make a musical out of this book. That is quite unlikely, I grant you, but not as unlikely as it sounds. In 1893 the Savoy theatre staged Gilbert and Sullivan's penultimate operetta, Utopia, Limited ... It is time to rework the idea and Mariana Mazzucato is a candidate to write the libretto. -- Philip Collins * The Times * As Mariana Mazzucuto's new book, published today, explains, our economy has been financialised and no longer rewards real value creation. -- Chi Onwurah * New Statesman * Mariana Mazzucato ... argues that we urgently need to rethink where wealth comes from to heal a sick system. -- Richard Kilgarriff * Management Today * Mariana Mazzucato offers an expose of how value extractors and rent-seekers have been masquerading as value creators in the global economy. And, furthermore, how the conventional wisdom has indulged them in this. -- Fran Boait * Prospect * In The Value of Everything, published last week, Mazzucato sharpens her focus, not only lauding the role of 'mission-oriented' public investment, but honing her critique of the private sector too. -- Liam Halligan * The Spectator * Some economists merely interpret the world in various ways; others seek to change it. Mariana Mazzucato is an exemplar of the latter kind. The Italian-American is a restless thinker drawn to transformative, disruptive projects. ... Mazzucato's mission is to overturn the now dominant neoclassical theory of value. In the mid-19th century, she explained, an intellectual revolution occurred: rather than value determining price, price began to determine value. -- George Eaton * New Statesman * The Value of Everything is receiving accolades on Twitter from finance ministers and student idealists alike, and is clearly set to be essential summer reading for civil servants. -- Delphine Strauss * Financial Times * Praise for The Entrepreneurial State: Conventional economics offers abstract models; conventional wisdom insists that the answer lies with private entrepreneurship. In this brilliant book, Mariana Mazzucato...argues that the former is useless and the latter incomplete. -- Martin Wolf * Financial Times * One of the most incisive economic books in years. -- Jeffery Madrick * New York Review of Books *