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The Entrepreneurial State and the Risk-Reward Relationship
Speaker: Professor Mariana Mazzucato, RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex.
10th Babbage Lecture | Wednesday 14 May | IfM, Cambridge
This talk is part of the Babbage Industrial Policy Network 2013 - 2014 Lecture Series
The talk will focus on the relationship between the State and the Market. Professor Mazzucato will argue that the State not only ‘fixes’ different problem/failures in the market (of which there are many) but also actively shapes and creates markets. It does so in the face of extreme risk and uncertainty. She will consider different implications (theoretical, empirical, and ‘political’) of the blindness of economics (as a discipline) to understanding the State as market maker and lead risk-taker in capitalist economies— beyond the traditional ‘market failure’ framework. A key implication concerns the way in which risks have been socialised, while rewards privatised. The talk will consider concrete mechanisms to reform this dysfunctional relationship, building more ‘symbiotic’ eco-systems between the public and private sector, and achieving growth that is not only ‘smart’ but also ‘inclusive’.
Programme -
17.00 Welcome refreshments
17.30 Welcome and Introduction
18.30 Refreshments and networking