Until the early 1900s, this idea of who's productive? Who's not? How can we steer the economy to really reward, nurture, and create more value creation activities was at the heart of economic reasoning. But that focus on objective conditions changed to subjective ones. It became an emphasis on prices being determined by what then earned price, including wages. So it's a huge revolution that most students don't even know happened because they don't come across it very often.
In this two-part episode recorded in 2018, economist and author Mariana Mazzucato discusses her book, The Value of Everything, with UK Labour MP Stella Creasy. It's a wide-ranging discussion looking at how real wealth is created in our economy and how we can measure the true worth of both infrastructure and services. Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London.
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