Intelligence Squared Mariana Mazzucato and Stella Creasy on the Global Economy, PART 1
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Aug 6, 2023 Stella Creasy, a passionate UK Labour MP championing economic policy and social justice, joins economist Mariana Mazzucato for a riveting discussion. They challenge traditional views on wealth creation, emphasizing the state's role in fostering innovation. The conversation critiques outdated metrics of value, advocating for new frameworks to reflect societal contributions. Together, they explore collaborative approaches across sectors to tackle global challenges, pushing for equitable and sustainable economic growth.
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Value Creation vs. Extraction
- Mariana Mazzucato's book, "The Value of Everything," challenges assumptions about wealth creation.
- It argues that current economic thought often conflates value extraction with value creation.
Adam Smith and Markets
- Stella Creasy recounts how her economics teacher, Mr. Lowne, emphasized Adam Smith's nuanced view of markets.
- Smith saw markets as interactive systems influenced by various tools, not solely driven by the "invisible hand."
Shifting Definitions of Value
- Historically, value was tied to objective economic activities like farming or industrial labor.
- Modern economics shifted to subjective measures like preferences, leading to a reversal in how value is determined.
