Mariana Mazzucato The Value of Everything Making and Taking in the Global Economy

WINNER OF THE 2019 MADAME DE STAEL PRIZE AND THE 2018 LEONTIEF PRIZE FOR ADVANCING THE FRONTIERS OF ECONOMIC THOUGHT SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2018 Who really creates wealth in our world$740 And how do we decide the value of what they do$741 At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. From companies driven solely to maximize shareholder value to astronomically high prices of medicines justified through big pharma's 'value pricing', we misidentify taking with making, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed.

Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - radically to transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Which activities create it, which extract it, which destroy it$742 Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic - that works for us all. The Value of Everything reigniteS a long-needed debate about the kind of world we really want to live in. One of the most incisive economic books in years. -- Jeffery Madrick * New York Review of Books * 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 * 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 * 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.