Critical issue: Jobs

Mariana Mazzucato’s research investigates the feedback between the innovative efforts of companies (in both organisational and technological change) and the impact this has on their growth and the structure of the industry in which they compete. The effect of these dynamics on how the stock market values firms, and the potential "bubble" type dynamics (such as the dot.com bubble) is also a key concern.

The relationship between structural change, growth, and inequality features strongly in Tommaso Ciarli’s work. His work on structural change and growth analyses how different aspects of the structure of an economy affect the patterns of growth, and the other way round. He develops models that are able to replicate some stylised facts on growth and income inequality associated with different stages of growth, which are used to study the effect of different labour structures - and other aspects of structural change - on economic growth. Firm size, the allocation of workers within firms with different hierarchical structures, and the distribution of wages among hierarchies, show a tremendous impact on growth through the distribution of income and its expenditure.

Experts

• Tommaso Ciarli, SPRU Research Fellow

• Mariana Mazzucato - R.M. Phillips Professor of Science and Technology at the University of Sussex (SPRU)

Publications

• Ciarli, T.; Lorentz, A.; Savona, M. & Valente, M. (2010), 'The Effect of Consumption and Production Structure on Growth and Distribution. A Micro to Macro Model', Metroeconomica 61(1), 180-218.
• Ciarli, T.; Lorentz, A.; Savona, M. & Valente, M. (2012), The role of technology, organisation, and demand in growth and income distribution (2012/06), Working Paper, Laboratory of Economics and Management, San'Anna School of Advanced Studies, Pisa.
• Ciarli, T. & Lorentz, A. (2011), 'Product variety and economic growth. Trade off between supply and demand dynamics'(mimeo), Technical report, Maz Plnack Institute of Economics.
• Demirel, P. and Mazzucato, M. (2012), 'Innovation and Firm Growth: Is R&D Worth It?' Industry and Innovation, Vol. 19, (2).
• Demirel, P. and Mazzucato, M. (2010), 'The Evolution of Firm Growth Dynamics in the US Pharmaceutical Industry', Regional Studies, Vol. 44 (8), pp.1053-1066.
• Geroski, P. and Mazzucato, M. (2002), 'Learning and the Sources of Corporate Growth', Industrial and Corporate Change, Vol. 11 (4), pp.623-644.
• Mazzucato, M. and Tancioni, M. (2012), 'Stock Price Volatility, Patents and R&D',forthcoming Journal of Evolutionary Economics.
• Mazzucato, M. (2011), The Entrepreneurial State, Demos, London, UK. ISBN 978-1-906693-73-2.
• Mazzucato, M. and Dosi, G. (Eds, 2006), Knowledge Accumulation and Industry Evolution: Pharma-Biotech, Cambridge University Press, Cambridge, UK. ISBN 0-521-85822-4.
• Mazzucato, M. (2003), 'Risk, Variety and Volatility: Innovation, Growth and Stock Prices in Old and New Industries', Journal of Evolutionary Economics, Vol. 13 (5), pp.491-512.
• Mazzucato, M. (2002), 'The PC Industry: New Economy or Early Life-Cycle', Review of Economic Dynamics, Vol. 5 (2), pp.318-345.
• Mazzucato, M. (2000), Firm Size, Innovation and Market Structure: The Evolution of Market Concentration and Instability, Edward Elgar, Northampton, MA, USA. ISBN 1-84064-346-3.