Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘Mazzucato’

Toward a New Fiscal Constitution

Posted by hkarner - 10. Juli 2020

Date: 10‑07‑2020

Source: Project Syndicate by Mariana Mazzucato and RobertSkidelsky

Mariana Mazzucato, Professor of Economics of Innovation and Public Value and Director of the UCL Institute for Innovation and Public Purpose, is the author of The Value of Everything: Making and Taking in the Global Economy.

 Robert Skidelsky, a member of the British House of Lords, is Professor Emeritus of Political Economy at Warwick University. The author of a three‑volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.

 With the COVID‑19 pandemic forcing governments to spend on an unprecedented scale to sustain businesses and households, there has never been a better time to restore the state to its proper role as a rudder for the broader economy.

The market alone is simply no match for the challenges of the twenty‑first century.

LONDON – The COVID‑19 pandemic has had an immense, unpredictable, and lasting impact on economies around the world. As a result, governments have been given an opportunity – and an imperative – to rethink the role and purpose of fiscal policy. Den Rest des Beitrags lesen »

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The Big Failure of Small Government

Posted by hkarner - 21. Mai 2020

Date: 20‑05‑2020

Source: Project Syndicate by Mariana Mazzucato and Giulio Quaggiotto

Mariana Mazzucato, Professor of Economics of Innovation and Public Value and Director of the UCL Institute for Innovation and Public Purpose, is the author of The Value of Everything: Making and Taking in the Global Economy. 

Giulio Quaggiotto, a former head of the Regional Innovation Center in the Asia Pacific at the United Nations Development Programme, works at the Mohammed Bin Rashid Center for Government Innovation. 

It is no coincidence that countries with mission‑driven governments have fared better in the COVID‑19 crisis than have countries beholden to the cult of efficiency. Effective governance, it turns out, cannot be conjured up at will, because it requires investment in state capacity.

LONDON – Decades of privatization, outsourcing, and budget cuts in the name of “efficiency” have significantly hampered many governments’ responses to the COVID‑19 crisis. At the same time, successful responses by other governments have shown that investments in core public‑sector capabilities make all the difference in times of emergency. The countries that have handled the crisis well are those where the state maintains a productive relationship with value creators in society, by investing in critical capacities and designing private‑sector contracts to serve the public interest. Den Rest des Beitrags lesen »

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Capitalism’s Triple Crisis

Posted by hkarner - 30. März 2020

Mariana Mazzucato is Professor of Economics of Innovation and Public Value and Director of the UCL Institute for Innovation and Public Purpose (IIPP). She is the author of The Value of Everything: Making and Taking in the Global Economy, which was shortlisted for the Financial Times-McKinsey Business Book of the Year Award.

After the 2008 financial crisis, we learned the hard way what happens when governments flood the economy with unconditional liquidity, rather than laying the foundation for a sustainable and inclusive recovery. Now that an even more severe crisis is underway, we must not repeat the same mistake.

LONDON – Capitalism is facing at least three major crises. A pandemic-induced health crisis has rapidly ignited an economic crisiswith yet unknown consequences for financial stability, and all of this is playing out against the backdrop of a climate crisis that cannot be addressed by “business as usual.” Until just two months ago, the news media were full of frightening images of overwhelmed firefighters, not overwhelmed health-care providers.

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Eine Scorecard zur Beendigung des kurzfristigen Denkens

Posted by hkarner - 20. Oktober 2019

Klaus Schwab

Klaus Schwab is Founder and Executive Chairman of the World Economic Forum.

GENF – Die Angst vor einer weltweiten Rezession, der Handelskrieg zwischen den USA und China, die Auswirkungen des Brexit und ein gefährlicher Schuldenüberhang sorgen für eine der stressreichsten Phasen seit einem Jahrzehnt. Gleichzeitig stehen langfristige Ziele, wie die Umsetzung der Nachhaltigkeitszielen bis 2020, die Umsetzung des Pariser Klimaabkommens bis 2050 und der Umbau des Wirtschaftssystems für die nächsten 50 Jahre, an. 

Um ein langristiges Denken anzuregen, braucht es eine Neuorientierung. Dazu drei Vorschläge:Zunächst müssen wir den wirtschaftlichen Bezugsrahmen ändern. 75 Jahre lang stand das Bruttoinlandsprodukts (BIP) im Zentrum und die Volkswirtschaften dienten als Werkzeug zur Mobilisierung der Produktion für den Krieg. Gegenwärtig aber ist die Maximierung von nachhatligem Wohlstand das Ziel und es braucht alternative Messgrössen.Eine Gruppe von Ökonomen aus der Privatwirtschaft, Hochschulen und internationalen Einrichtungen, (u.a. Diane Coyle und Mariana Mazzucato) haben das „Wealth Project“ (Wohlstandsprojekt), aufbauend auf Weltbank-Ansätzen, entwickelt. Den Rest des Beitrags lesen »

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Mobilizing for a Climate Moonshot

Posted by hkarner - 10. Oktober 2019

Mariana Mazzucato is Professor of Economics of Innovation and Public Value and Director of the UCL Institute for Innovation and Public Purpose (IIPP). She is the author of The Value of Everything: Making and Taking in the Global Economy, which was shortlisted for the Financial Times-McKinsey Business Book of the Year Award.

Governments can accomplish remarkable things when they have not been hollowed out in the name of misguided „free-market“ ideology. Now that humankind is confronting the existential challenge of climate change, our survival depends on reclaiming the public spirit of the Apollo program – and the hope it inspired.

LONDON – The of the first Moon landing in July reinforced an important lesson: one of humankind’s greatest feats occurred when imagination, common purpose, and a systemic approach to problem solving won out over siloed thinking and anxiety about where the money would come from. As US President John F. Kennedy made clear in 1961, going to the moon would cost money and entail risks, but it would be well worth it. 

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Verhinderung eines digitalen Feudalismus

Posted by hkarner - 4. Oktober 2019

Mariana Mazzucato

Mariana Mazzucato is Professor of Economics of Innovation and Public Value and Director of the UCL Institute for Innovation and Public Purpose (IIPP). She is the author of The Value of Everything: Making and Taking in the Global Economy, which was shortlisted for the Financial Times-McKinsey Business Book of the Year Award.

LONDON – Die Nutzung und der Missbrauch von Daten durch Facebook und andere Technologieunternehmen erhalten endlich die offizielle Aufmerksamkeit, die sie verdienen. Werden die Nutzer angesichts der Tatsache, dass sich personenbezogene Daten zum wertvollsten Rohstoff der Welt entwickeln, Herrscher oder Sklaven der Plattformwirtschaft sein? 

Die Aussichten auf eine Demokratisierung der Plattformwirtschaft bleiben düster. Die Algorithmen entwickeln sich auf Weisen, die es den Unternehmen erlauben, von unserem vergangenen, gegenwärtigen und künftigen Verhalten – oder dem, was Shoshana Zuboff von der Harvard Business School als unseren „Verhaltensüberschuss“ (behavioral surplus) – zu profitieren. In vielen Fällen kennen die digitalen Plattformen unsere Vorlieben bereits besser als wir selbst und können uns zu einem Verhalten anstoßen, von dem sie zusätzlich profitieren. Wollen wir wirklich in einer Gesellschaft leben, in der unsere innersten Wünsche und Manifestationen persönlicher Urheberschaft zum Verkauf stehen?

Der Kapitalismus hat sich schon immer dabei hervorgetan, neue Wünsche und Sehnsüchte hervorzubringen. Doch mit Big Data und Algorithmen haben die Technologieunternehmen diesen Prozess sowohl beschleunigt als auch umgekehrt. Statt in Erwartung dessen, was die Menschen wollen könnten, einfach neue Waren und Dienstleistungen zu erzeugen, wissen sie bereits, was diese Menschen wollen werden, und verkaufen insofern unser künftiges Selbst. Schlimmer noch: Die genutzten algorithmischen Verfahren verstärken häufig geschlechtsbezogene und rassische Voreingenommenheiten und lassen sich manipulieren, um Profit zu machen oder politische Vorteile zu erlangen.

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Let’s Get Real About Purpose

Posted by hkarner - 15. Januar 2019

Mariana Mazzucato is Professor of the Economics of Innovation and Public Value and Director of the UCL Institute for Innovation & Public Purpose(IIPP). She is the author of The Value of Everything: Making and Taking in the Global Economy, which was shortlisted for the Financial Times-McKinsey Business Book of the Year Award.

For too long, the value of economic activity has been measured purely by its price. By recognizing that value is created collectively by business, government, and civil society, it is possible to create a more purposeful type of capitalism.

LONDON – One year ago, BlackRock chairman and CEO Larry Fink wrote a letter to 500 CEOs asking them to rethink their sense of purpose. “To prosper over time,” he wrote, “every company must not only deliver financial performance, but also show how it makes a positive contribution to society.”

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Who Really Creates Value in an Economy?

Posted by hkarner - 12. September 2018

Mariana Mazzucato, Professor in the Economics of Innovation and Public Value and Director of the Institute for Innovation and Public Purpose at University College London, is the author of The Value of Everything: Making and Taking in the Global Economy.

Ten years after the global economic crisis, profits have recovered, but investment remains weak. Ultimately, the reason is that economic policy continues to be informed by neoliberal ideology and its academic cousin, “public choice” theory, rather than by historical experience.

LONDON – After the 2008 global financial crisis, a consensus emerged that the public sector had a responsibility to intervene to bail out systemically important banks and stimulate economic growth. But that consensus proved short-lived, and soon the public sector’s economic interventions came to be viewed as the main cause of the crisis, and thus needed to be reversed. This turned out to be a grave mistake.

In Europe, in particular, governments were lambasted for their high debts, even though private debt, not public borrowing, caused the collapse. Many were instructed to introduce austerity, rather than to stimulate growth with counter-cyclical policies. Meanwhile, the state was expected to pursue financial-sector reforms, which, together with a revival of investment and industry, were supposed to restore competitiveness. Den Rest des Beitrags lesen »

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A State-Powered Green Revolution

Posted by hkarner - 11. März 2016

Photo of Mariana Mazzucato

Mariana Mazzucato

Mariana Mazzucato, Professor of the Economics of Innovation at the Science Policy Research Unit of the University of Sussex, is the author of The Entrepreneurial State: debunking public vs. private sector myths.

MAR 10, 2016, Project Syndicate

LONDON – Discussions about building a green future tend to focus on the need to improve the generation of energy from renewable sources. But that is just the first step. Better mechanisms for storing and releasing that energy – when the sun isn’t shining, the wind isn’t blowing, or when electric cars are on the move – are also critical. And, contrary to popular belief, it is the public sector that is leading the way toward effective solutions.

Since the commercial development of lithium-ion batteries – the rechargeable batteries common in consumer electronics – in the early 1990s, the challenge of storing and releasing power effectively enough to make sustainable energy sources viable alternatives to fossil fuels has been a vexing one. And efforts by entrepreneurial billionaires like Bill Gates and Elon Musk to overcome this challenge have been the focus of much excited media speculation. So how many billionaires does it take to change a battery?

The answer, it turns out, is zero. This week, Ellen Williams, Director of the Advanced Research Projects Agency-Energy, part of the US Department of Energy, announced that her agency had beaten the billionaires to it. ARPA-E, she declared, had attained “some holy grails in batteries,” which will enable us to “create a totally new approach to battery technology, make it work, make it commercially viable.” Den Rest des Beitrags lesen »

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Toward a Green New Deal

Posted by hkarner - 14. Dezember 2015

Photo of Mariana Mazzucato

Mariana Mazzucato

Mariana Mazzucato, Professor of the Economics of Innovation at the Science Policy Research Unit of the University of Sussex, is the author of The Entrepreneurial State: debunking public vs. private sector myths.

DEC 14, 2015, Project Syndicate

LONDON – The global agreement reached in Paris last week is actually the third climate agreement reached in the past month. The first happened at the end of November, when a group of billionaires led by Bill Gates, Mark Zuckerberg, and Jeff Bezos announced the creation of a $20 billion fund to back clean-energy research. On the same day, a group of 20 countries, including the United States, the United Kingdom, Germany, India, China, and Brazil, agreed to double their investment in green energy, to a total of $20 billion a year.

Of the two pre-Paris announcements, it was that of the Breakthrough Energy Coalition (BEC) – Gates and his fellow entrepreneurs – that grabbed most of the headlines. This is not surprising, given the strong association in the popular imagination between innovation and the private sector. If a technological breakthrough is needed in the fight against climate change, whom should we expect to provide it, if not the wizards of Silicon Valley and other hubs of free-market innovation? Den Rest des Beitrags lesen »

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