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SUMMARY:The Entrepreneurial State and the Risk-Reward Relationship  - Prof
 essor Mariana Mazzucato RM Phillips Professor in the Economics of Innovati
 on at SPRU in the University of Sussex
DTSTART:20140514T160000Z
DTEND:20140514T180000Z
UID:TALK52511@talks.cam.ac.uk
CONTACT:Antonio Andreoni
DESCRIPTION:The talk will focus on the relationship between the State and 
 the Market. I will argue that the State not only ‘fixes’ different pro
 blem/failures in the market (of which there are many) but also actively sh
 apes and creates markets. It does so in the face of extreme risk and uncer
 tainty. I will consider different implications (theoretical\, empirical\, 
 and ‘political’) of the blindness of economics (as a discipline) to un
 derstanding the State as market maker and lead risk-taker in capitalist ec
 onomies— beyond the traditional ‘market failure’ framework. A key im
 plication concerns the way in which risks have been socialised\, while rew
 ards privatised. The talk will consider concrete mechanisms to reform this
  dysfunctional relationship\, building more ‘symbiotic’ eco-systems be
 tween the public and private sector\, and achieving growth that is not onl
 y ‘smart’ but also ‘inclusive’
LOCATION:Lecture Room\, Institute for Manufacturing IfM
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