|Post:||R.M. Phillips Professor of Science and Technology (SPRU - Science and Technology Policy Research, School of Business, Management and Economics)|
|Location:||Jubilee Building 384|
|Internal:||7943 or 8169|
|UK:||(01273) 877943 or (01273) 678169|
|International:||+44 1273 877943 or +44 1273 678169|
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In November 2011 I joined the University of Sussex as RM Phillips Professor in Science and Technology Policy, after 10 years at the Open University where I was most recently Professor in the Economics of Innovation.
I received my BA in History and International Relations at Tufts University and my PhD in Economics from the Graduate Faculty of the New School for Social Research in New York (USA). After my PhD I joined the University of Denver as Assistant Professor of Economics, and then undertook a Marie Curie Post-Doctoral fellowship at the London Business School. From 2006-2008 I was Visiting Professor at the Bocconi University in Italy.
My work focuses on the relationship between financial markets, innovation, and economic growth, and is currently funded by the Institute for New Economic Thinking (INET); the Ford Foundation and the European Commission. I currently advise the EC on innovation led growth through two expert groups, and am member of related task forces in the UK, such as the UCL Green Economy Policy Commission.
My work on The Entrepreneurial State (DEMOS, 2011) has had significant policy impact across Europe, and my forthcoming book (Anthem, 2013), with the same title (double the size and scope), develops this work further, focusing on the need to develop new frameworks to understand the role of the state in economic growth—and how to enable rewards from innovation to be just as ‘social’ as the risks taken.My research and media profile can be found on www.marianamazzucato.com.
Responses to Mariana's talk in the session 'Money Talks' at TED Global 2013
Five Minutes with Mariana Mazzucato - LSE Blog
Mariana responding to John Kay's lecture on 'The Future of Capitalism' - Political Quarterly's Annual Lecture.
Speaker(s): Professor John Kay, Professor Mariana Mazzucato
Chair: Professor Julian Le Grand
Recorded on 4 June 2013 in New Theatre, East Building.
The Entrepreneurial State:
Debunking public vs. private sector myths
This is a book whose time has come. Mariana Mazzucato documents how the state played a crucial role behind some of the landmark innovations of our time. For many, the “entrepreneurial state” is a contradiction in terms. For Mazzucato, it is both a reality and a requirement for future prosperity.
Dani Rodrik, John F. Kennedy School of Government, Harvard University
The principal entrepreneurial drive that has given us many of today’s most important technologies has come from the state. Most thinking and arguing regarding how to energize our sluggish economies is blind to this fact. Mariana Mazzucato’s book aims to get us to understand better the sources of entrepreneurship, and to reflect more positively on the role aggressive technology policies can play in getting our economies moving again.
Richard Nelson, Columbia University
The Entrepreneurial State delivers a well-researched and elegantly (even entertainingly) written knock-out to the belief across most of the political spectrum and the economics profession that (with some qualifications) ‘the market knows best’. As many governments wonder how to boost the productivity and innovativeness of their industrial sectors, the book provides guidelines – based on successful and unsuccessful cases – on how to do industrial policy well. Above all, it shows why the common presumption that the state ‘crowds out’ the private sector – as though the private sector is a lion caged by a smothering state – is contradicted by what governments of economies from the United States to Brazil and China actually do to ‘crowd in’ innovations in the private sector.
Robert Wade, London School of Economics
My projects, publications, blogs, videos and more can be found on: www.marianamazzucato.com
Information is also available on my EC FP7 FINNOV project website www.finnov-fp7.eu
And you can now follow me on Twitter: @MazzucatoM
I am interested in different areas including the economics of growth (at the level of the organisation, sector and country), and how this interacts with processes of organizational and technological change.
I am also interested in the connection between financial markets and the real economy, and how, for example, stock price volatility is related to the periods of radical technological change. My work on financial markets has been mainly housed within my EC FP7 project on Finance Innovation and Growth. www.finnov-fp7.eu (2009-2012).
When I study sectors, I take an 'industry life-cycle' perspective, which allows me to understand the co-evolution of different variables over time. For example, I have looked at the relationship between entry/exit, technological change, and company performance measures over time in the personal computer, automobile and pharmaceutical industry. In this work I have found that periods of radical technological change tend to be characterised by high degrees of market share instability as well as stock price volatility.
I am also very interested in the history of economic thought, and key insights from different perspectives including 'classical economics' (Smith, Richardo, Marx) and Evolutionary economics. My work tends to be housed within the latter due to my focus on the co-evolution of those mechanisms that create differences between firms (which are often persistent), and the competitive selection mechanisms that winnow in on those differences, allowing only some companies to survive and grow.
My most recent project concerns the role of the state in fostering innovation, entrepreneurship and growth. http://www.demos.co.uk/projects/entrepreneurialstate I will be developing this project further with a new Ford Foundation grant which begins in February 2012.
I interact on a regular basis with policy makers from the European Commission, and the UK government. And I am also interested in disseminating my work through the media. http://www.marianamazzucato.com/media/
The project brings together the work of Joseph Schumpeter (1883-1950) on innovation and the work of Hyman Minsky (1919-1996) on finance and business cycles. It is co-hosted internationally by a leading international center on innovation research (Science Policy Research Unit at the University of Sussex, UK), and a leading international research institute that uses the work of Hyman Minsky to formulate macroeconomic policy (Levy Institute at Bard College, USA).
The purpose of this project is to integrate two research paradigms that have strong policy relevance in understanding the causes of the recent financial crisis, and also the paths towards a post-crisis long run recovery. The first one - the Keynes-Minsky vision - puts effective demand front and center of economic analysis, and the second - the Schumpeter-Minsky vision - places innovation at the centre of competition theory, rather than relegated to the periphery of “imperfect competition”.
The aim of the project is to bring the two visions together to provide a rigorous analysis of competition in the financial sphere and how it interacts with competition in the industrial sphere. A key issue is whether financial innovations support value creation in the real economy or simply extract value from the real (productive) economy, thus undermining the value creation (and capital development) process.
INET – Institute of New Economic Thinking: Financing Innovation
The project brings together the work of Joseph Schumpeter (1883-1950) on innovation and the work of Hyman Minsky (1919-1996) on finance and business cycles. It will be co-hosted internationally by a leading international center on innovation research (Science Policy Research Unit at the University of Sussex, UK), and a leading international research institute that uses the work of Hyman Minsky to formulate macroeconomic policy (Levy Institute at Bard College, USA).
The purpose of this project is to integrate two research paradigms that have strong policy relevance in understanding the causes of the recent financial crisis, and also the paths towards a post-crisis long run recovery. The first one might be called the Keynes-Minsky vision that puts effective demand front and center of economic analysis, and the second is the Schumpeter-Minsky vision that places innovation at the centre of competition theory, rather than relegated to the periphery of “imperfect competition”. The aim of the project is to bring the two visions together to provide a rigorous analysis of competition in the financial sphere and how it interacts with competition in the industrial sphere. A key issue is whether financial innovations support value creation in the real economy or simply extract value from the real (productive) economy, thus undermining the value creation (and capital development) process.
Rethinking the State
Rethinking the State is a video project coordinated by Prof. Mariana Mazzucato (SPRU/University of Sussex) that links two research grants (Ford Foundation’s Entrepreneurial State and INET’s Financing Innovation). Every week we release a new video with leading international economists voicing their views on topics such as the role of the State in the economy and in the innovation process, the global financial system, the current economic crisis, the side-effects of austerity measures, and alternative growth and innovation policies.
FINNOV is a three year research project between seven European institutions, directed by Professor Mazzucato. Its aim is to study the relationship between changing financial markets, innovation dynamics, economic performance, and how these influence economic growth as it is experienced by individuals, businesses and the wider economy. FINNOV assists policy makers and European industry to understand the sources, implications and management of positive and negative changes in financial markets. It has been funded through Theme 8 of the Seventh Framework Programme of the European Commission (Socio-Economic Sciences and the Humanities), under the topic "The role of finance in growth, employment and competitiveness in Europe (SSH -2007 - 1.2.3)”
Mazzucato, Mariana (2013) Financing innovation: creative destruction vs. destructive creation. Industrial and Corporate Change, 22 (4). ISSN 0960-6491 (In Press)
Mazzucato, Mariana and Tancioni, Massimiliano (2012) R&D, patents and stock price volatility. Journal of Evolutionary Economics, 22 (4). pp. 811-832. ISSN 0936-9937
Demirel, Pelin and Mazzucato, Mariana (2012) Innovation and firm growth: is R&D worth it? Industry and Innovation, 19 (1). pp. 45-62. ISSN 1366-2716
Mazzucato, Mariana and Tancioni, Massimillano (2011) R&D, Patents and stock return volatility.
Mazzucato, Mariana (2011) The entrepreneurial state. Demos, London . ISBN 9781906693732
Mazzucato, Mariana (2010) Bubbles and investment behaviour. In: Personal investment: financial planning in an uncertain world. Palgrave MacMillan, Basingstoke, pp. 263-310. ISBN 9780230246607
Demirel, Pelin and Mazzucato, Mariana (2010) Does market selection reward innovators? Unset. FINNOV.
Mazzucato, Mariana, Lowe, Jonquil, Shipman, Alan and Trigg, Andrew (2010) Personal Investment: Financial Planning in an Uncertain World. Palgrave Macmillan. ISBN 9780230246607
Demirel, Pelin and Mazzucato, Mariana (2010) The evolution of firm growth dynamics in the US Pharmaceutical Industry. Regional Studies, 44 (8). pp. 1053-1066. ISSN 0034-3404
Mazzucato, Mariana and Demirel, Pelin (2010) The evolution of firm growth dynanics in the US pharmaceutical industry: is 'structure' in the growth process related to size and location dynamics? Unset. FINNOV.
Mazzucato, Mariana and Demirel, Pelin (2009) Survey of the literature on innovation and economic performance. Discussion Paper. FINNOV.
Mazzucato, Mariana and Tancioni, Massimiliano (2008) Innovation and idiosyncratic risk: an industry- and firm-level analysis. Industrial and Corporate Change, 17 (4). pp. 779-811. ISSN 0960-6491
Mazzucato, Mariana and Tancioni, Massimillano (2008) Stock Price Volatility and Patent Citation Dynanics: the case of the pharmaceutical industry.