The Rest Is Money 42. Mariana Mazzucato: How consulting firms weaken business, the illusion of ‘growth’, and public vs private innovation
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Mar 22, 2024 
Economist Mariana Mazzucato challenges the influence of consulting firms on government decisions and advocates for innovative, inclusive growth strategies. She emphasizes the importance of strategic public investment, balancing social and economic priorities, leadership failures in the public sector, unexpected recognition from Pope Francis, and navigating inequality and algorithmic rents in the AI era.
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Lagging Growth in the UK
- The UK's lagging growth is a result of low public and private investment.
- Stimulating both types of investment is key to boosting growth and addressing the debt-to-GDP ratio.
Avoid Austerity
- Avoid austerity measures that weaken social fabric and hinder long-term economic recovery.
- The cost of inaction from austerity exceeds the cost of investing in social services and innovation.
Strategic Borrowing
- Governments with sovereign currencies can strategically borrow to fund investments that catalyze growth.
- This differs from non-strategic spending or redistributing income without creating wealth.