Mariana Mazzucato

From 1995 to 1997, Mazzucato was an adjunct professor of economics at New York University. She taught at the University of Denver between 1997 and 1999.[10] Between 1998 and 1999 she was a post-doctoral Marie Curie Research Fellow at the London Business School where she worked and published papers with Paul Geroski (former Dean of the London Business School).[11][12][13]

She joined the The Open University in 1999 as a lecturer, where she became a full professor in 2005. She founded their Innovation, Knowledge and Development research centre.[10][14] From 2008 to 2010 she was a visiting professor at Bocconi University.[10] In 2014, she was a distinguished visiting professor at the University of Technology Sydney.[15] Between 2011 and 2017, she was the RM Phillips Chair in the Economics of Innovation at the University of Sussex.[16] In 2017, Mazzucato became a professor at University College London in Economics of Innovation and Public Value and she founded their Institute for Innovation and Public Purpose (IIPP).[10]

Mazzucato joined the task force at New Economic Foundation between 2012 and 2013, and European Commission (EC) Task Force on Public Sector Innovation between 2012 and 2014. She was a member of World Economic Forum Global Agenda Council on the Economics of Innovation from 2014 to 2016.[17] She was also a member of the European Commission’s expert group on Innovation for Growth (RISE).[18] Between 2015 and 2016, she was appointed to the British Labour Party's Economic Advisory Committee, convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn.[19]

Mazzucato in 2010

From 2015 to present, Mazzucato works at Council of Economic Advisors for Scottish Government.[20] In 2016, she became a scientific advisor at Italian Parliamentary Budget Office and became their commissioner for Economic Justice. In 2017, she became a member of the UN Sustainable Development Solutions Network Leadership Council.[21] In 2018, she started working as a special advisor for the EC Commissioner for Research, Science and Innovation, Carlos Moedas, in which role she authored the report Mission-Oriented Research & Innovation in the European Union.[22][23] She is also a special advisor to the Secretary General of the OECD, Angel Gurría, for the OECD's New Growth Narrative.[24] She is a member at UN Committee for Development Policy, which she joined in 2019.[25]

She joined the Advisory Board at Sitra – The Finnish Innovation Fund.[26] Meanwhile, she joined the Institute for Public Policy Research as a trustee. Since 2016, she has been vice president at International Schumpeter Society. She has joined the Advisory Board at Research Council of Norway.[27]

In 2015 Mazzucato was commissioned to write a report[28] for the Brazilian Government's Ministry for Science, Technology & Innovation on Brazil's innovation policy which was published on April 6, 2016.[29] Mazzucato became the first woman to give the Raúl Prebisch Lecture organised by the United Nations Economic Commission for Latin America and the Caribbean in Santiago, Chile, in April 2016.[30]

Mazzucato's research focuses on the relationship between financial markets, innovation and economic growth – at the company, industry and national level.[31] She works within the Schumpeterian framework of evolutionary economics, studying the origin and evolution of persistent differences between firms and how these differences vary across sectors and over the industry life-cycle.[11][13][32]

Her empirical studies have focused on the automobile, PC, biotech and pharma industries. She has analysed the co-evolution of technological change and stock market bubbles. In this, she argues that stock price volatility tends to be highest at the firm and industry level, when technological innovation is the most "radical".[33][34][35]

In 2013 Mazzucato published The Entrepreneurial State: debunking public vs. private sector myths.[36] The book argues that the idea of the state as a static bureaucratic organisation only needed to ‘fix’ market failures, leaving dynamic entrepreneurship and innovation to the private sector, is wrong. She outlines a number of case studies across different sectors, including biotech, pharmaceuticals and clean technology, to show that the high-risk investments are being made by the state before the private sector gets involved. In a chapter examining the iPhone, she outlines how the technologies that make it ‘smart’ – the internet, GPS, its touchscreen display and the voice-activated Siri – were all government-funded.[37][38]

Two chapters in the book are dedicated to the emerging ‘green technology’ revolution. She details the public funds that she argues are laying the groundwork for this revolution in a similar way that the state invested in the most high-risk areas of biotech and nanotech.[39] The book concludes with the contention that in all these examples, the risks were socialized while the rewards were privatized, and considers different ways to change this dynamic to produce more ‘inclusive growth’.[40]

She focused on inequality in her work with William Lazonick. Their 2013 joint article, "The Risk-Reward Nexus: Who takes the risks? Who gets the rewards?" describes the tension between how value is created and how value is extracted in modern-day capitalism. The authors argue that there is a disproportionate balance between the 'collective' distribution of risk taking in the innovation process, and the increasingly narrow distribution of the rewards.[41]

In a paper for the think tank Policy Network called "Rebalancing What?", Mazzucato argues that the problem is not only one of short-termism, it is also about the way in which financial activities focused on value extraction have been rewarded above activities focused on value creation – often leading to value destruction.[42] Her book The Value of Everything: making and taking in the global economy, published in 2018, describes how financial companies act as rent-seekers rather than creating value themselves, and that current legislation encourages that type of behaviour.[43]

Since 2014, Mazzucato has developed her critique of "market failure theory" and her concept of the state's role in the economy as one of "creating and shaping new markets"[44][45] rather than just fixing them.[46] Her work with Carlota Perez has considered how such a view can enable a new understanding of ‘green’ as a redirection of the entire economy.[47] Her work with Caetano Penna has focussed on the way in which a mission oriented market shaping framework can provide a new understanding of the role of state investment banks.[48][49]

• Mazzucato, M. (2018), The Value of Everything: Making and Taking in the Global Economy, Public Affairs ISBN 978-0-241-34779-9
• Jacobs, M. and Mazzucato, M. (2016), Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth, Wiley-Blackwell ISBN 978-1-119-12095-7
• Mazzucato, M. and Perez, C. (2015), Innovation as Growth Policy, in "The Triple Challenge: Europe in a New Age", J. Fagerberg, S. Laestadius, and B. Martin (eds.), Oxford University Press: Oxford ISBN 9780198747413
• Mazzucato, M. (2013), The Entrepreneurial State: Debunking Public vs. Private Sector Myths, Anthem Press: London, UK, ISBN 9780857282521
• Mazzucato, M. (2011), The Entrepreneurial State, Demos, London, UK. ISBN 978-1-906693-73-2, 149 pages.
• Mazzucato, M. and Dosi, G. (Eds, 2006), Knowledge Accumulation and Industry Evolution: Pharma-Biotech, Cambridge University Press, Cambridge UK, ISBN 0-521-85822-4, 446 pages.
• Mazzucato, M. (Ed, 2002), Strategy for Business, A Reader, Sage Publications, London, 2002, ISBN 0-7619-7413-X, 378 pages.
• Mazzucato, M. (2000), Firm Size, Innovation and Market Structure: The Evolution of Market Concentration and Instability, Edward Elgar, Northampton, MA, ISBN 1-84064-346-3, 138 pages.

• Kattel, R.; Mazzucato, M. (2018). "Mission-oriented innovation policy and dynamic capabilities in the public sector". Industrial and Corporate Change. 27 (5): 787–801. doi:10.1093/icc/dty032.
• Robinson, D. K.; Mazzucato, M. (2018). "The evolution of mission-oriented policies: Exploring changing market creating policies in the US and European space sector" (PDF). Research Policy. 48 (4): 936–948. doi:10.1016/j.respol.2018.10.005.
• Grilli, L.; Mazzucato, M.; Meoli, M.; Scellato, G. (2017). "Sowing the seeds of the future: Policies for financing tomorrow's innovations". Introduction to Special Issue in Technological Forecasting and Social Change. 127: 1–7. doi:10.1016/j.techfore.2017.10.021. hdl:11311/1044784.
• Mazzucato, M. and Semieniuk, G (2017) "Financing renewable energy: who is financing what and why it matters”, Technological Forecasting and Social Change (June 2017).
• Mazzucato, M.; Semieniuk, G. (2017). "Public financing of innovation: new questions". Oxford Review of Economic Policy. 33 (1): 24–48. doi:10.1093/oxrep/grw036.
• Mazzucato, M. and Penna, C. (2016) “Beyond market failures: the market creating and shaping roles of state investment banks”, Journal of Economic Policy Reform, 19(4): 305–326, SPRU working paper version.
• Mazzucato M. (2016), "From Market Fixing to Market-Creating: A new framework for innovation policy", Special Issue of Industry and Innovation: “Innovation Policy – can it make a difference?” 23(2)
• Lazonick, W.; Mazzucato, M.; Tulum, O. (2013). "Apple's Changing Business Model: What Should the World's Richest Company Do with All Those Profits?" (PDF). Accounting Forum. 37 (4): 249–267. doi:10.1016/j.accfor.2013.07.002. S2CID 154512342.
• Lazonick, W. and Mazzucato, M. (2013), “The risk-reward nexus in the innovation-inequality relationship: Who takes the risks? Who gets the rewards?,” in special issue of Industrial and Corporate Change, M. Mazzucato (ed.), 22(4):1093–1128
• Demirel, P.; Mazzucato, M. (2012). "Innovation and Firm Growth: Is R&D Worth It?" (PDF). Industry and Innovation. 19: 2. doi:10.1080/13662716.2012.649057. S2CID 45233033.
• Demirel, P.; Mazzucato, M. (2010). "The Evolution of Firm Growth Dynamics in the US Pharmaceutical Industry". Regional Studies. 44 (8): 1053–1066. doi:10.1080/00343400903241469. S2CID 41854759.
• Mazzucato, M (2003). "Risk, Variety and Volatility: Innovation, Growth and Stock Prices in Old and New Industries" (PDF). Journal of Evolutionary Economics. 13 (5): 491–512. doi:10.1007/s00191-003-0167-7.
• Geroski, P.; Mazzucato, M. (2002). "Learning and the Sources of Corporate Growth" (PDF). Industrial and Corporate Change. 11 (4): 623–644. doi:10.1093/icc/11.4.623.
• Mazzucato, M (2000). "Firm Size, Innovation, and Market Share Instability: the Role of Negative Feedback and Idiosyncratic Events". Advances in Complex Systems. 3 (1–4): 417–431. doi:10.1142/S0219525900000297.