The Importance of Dynamic Metrics in Governments

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In Italy, the country I'm from, what's interesting is these lessons haven't been learned. So there's a lot of public money going to all sorts of things, but there aren't the right public structures. And by the way, one of the obsessions that economists have with the deficit, oh, let's keep the deficit low, makes little sense when you look at different countries.

Economist and author Mariana Mazzucato talks about her book The Value of Everything with EconTalk host Russ Roberts. Mazzucato argues that economists have mismeasured value and have failed to appreciate the role of government as innovator. She argues for a more active role for government in the innovation process and for government to share in revenue proportional to its role in the creation of new technology.