Mariana Mazzucato
@MazzucatoM
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UCL Prof, Founding Director of @IIPP_UCL . Author of: The Big Con; Entrepreneurial State; Value of Everything; Mission Economy. 4 kids keep me smiling. #COYG
London
Joined October 2011
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What a pleasure speaking today with President of Colombia Gustavo Petro on collective value creation for an inclusive and sustainable economy. Gracias
@petrogustavo
!
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In bus today heard great summary of Davos: Billionaires telling millionaires how the middle class should live.
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I've lived in UK for 20 yrs with full time academic job. Had 4 kids here. My application for permanent residency was turned down. Supposedly credit card for application fee did not work (card was fine). Kept my Italian passport for 6 months. Could have called to check number? Nah
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Loving the energy in this celebration of
@gabrielboric
victory sent by a friend in Santiago. Now the work begins!
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Finally landed in Bogotá! Great dinner tonight with Minister of Finance
@JoseA_Ocampo
. Tomorrow meeting President
@petrogustavo
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Over last year spoke to
@Ocasio2018
several times about turning climate change into a ‘directed’ growth opportunity, framed as boldly as the moonshot: systemic approach with clear goal stimulating cross sectoral investments. She totally gets it.
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Great to meet with Chilean President
@gabrielboric
today in La Moneda! With friends
@JosephEStiglitz
and
@JMBenavente
too.
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Not only is this false (there is no personal consultancy but a collaboration with UCL
@IIPP_UCL
), but when my university was asked to comment at midnight, and then sent a response in the morning, the response was not published. You call this journalism?
La economista
@MazzucatoM
le propuso al gobierno
@petrogustavo
una asesoría para aterrizar su política industrial y de crecimiento económico. Según confirmó La Silla, la propuesta todavía se está revisando y valdría unos $4.800 millones.
Acá la historia.
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Honoured to have received a letter in the post today from the Italian PM and the Italian President stating I have been given the honour of “Grande Ufficiale Ordine al Merito della Repubblica Italiana”.
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Hoy estaré conversando con
@DCoronell
en
@WRadioColombia
a las 7:00 COT / 13:00 BST. Discutiremos cómo diseñar una economía que atraiga inversiones.
#ElReporteCoronell
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Never complained before after being on TV/Radio but today I will as was shocking. On
@BBCr4today
I was cut off twice so that Lord Lamont could (slowly, no rush...) twist what I was saying (without correction) arguing that companies should be helped without conditions. Get with it
I'm speaking tomorrow on
@BBCr4today
(8:45am BST) about need to structure the economic response to the Covid-19 crisis so that it paves way to a proper recovery, changing the way we think about 'value', so that we build a 'caring' economy that is inclusive & sustainable. Tune in!
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Social genius: Saskia, my niece, has organised a game of bingo for the the quarantined retirement home in front of her flat in Amsterdam! No social distancing, only physical.
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Congratulations
@LulaOficial
! So inspiring on the day we return from amazing Latin American tour in Colombia, Argentina and Chile, where we listened and learned from ministers and civil servants on the work they are doing fighting for a more inclusive, just & sustainable economy.
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This is how
@SodexoGroup
recycles at
@ucl
! Incredible we pay for this. I’ve been highlighting it for 3 years. No action.
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“Oxford Street disorder: Braverman wants culprits hunted down”. My take: Invest in public swimming pools, well run youth clubs, community centres, mental health programmes, summer activities. Care for youth. Cost of inaction greater than cost of action.
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🇨🇴Brilliant first day in Bogota meeting with Ministers
@JoseA_Ocampo
,
@CeciliaLopezM
,
@susanamuhamad
,
@IreneVelezT
&
@UrrutiaOcoro
ahead of the launch of my new report on transformational change in Latin America and the Caribbean.
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The UK election manifesto is an easy one.
A decade has been lost between useless (and mean) AUSTERITY and misinformed BREXIT.
Solution is to INVEST INVEST INVEST.
Invest in PEOPLE, invest in COMMUNITIES, invest in new OPPORTUNITIES that drive GREEN economic growth.
Duh.
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Redistribution is not enough. Wealth creation is as important as wealth distribution.
@forbescolombia
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At
#newfinancingpact
in Paris, gave
@LulaOficial
a copy of Mission Economy in Portuguese. 🚀🌺
@IIPP_UCL
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Fake news. Hate to break it to
@La_Segunda
: SQM are not funding a cent of my travel during my trip to Latin America. Looking forwards to my many meetings in Santiago: discussions with government, book event Thursday and university event Friday.
La economista Mariana Mazzucato, referente del Frente Amplio, aterriza mañana en Chile para tener reuniones con ministros y el presidente Boric durante la semana. El jueves, eso sí, tiene también un seminario financiado por SQM, lo que generó una serie de críticas.
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The dangers of doing interviews in another language! I of course meant experience in Spanish, not experiment. Almost as bad as when I once said I was “embarazada”and I meant embarrassed (not pregnant!). Learning by doing…
Mariana Mazzucato, economista: “Somos muchos economistas en el mundo que estamos mirando a Chile como un experimento muy importante para matar al neoliberalismo”
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I had the honor to talk today for over an hour with President
@LulaOficial
alongside ministers
@NisiaTrindade
&
@EstherDweck
. We discussed the ‘how’ of putting societal goals (climate and health) at heart of a transformative economic agenda—including transforming bureaucracy.
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Consultancies know less than they claim, cost more than they seem to, and — over the long term — prevent the public sector developing in-house capabilities.
From my
@FT
interview with
@henrymance
on my new book with
@RosieCollingto
- The Big Con.
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And YES Brexit is making cost of living crisis worse.
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Colombia must focus its future investments on productive sectors of the economy. Redistribution won't be enough; we need economic growth.
Read more in my interview with
@forbescolombia
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One year ago serving beer in a bar. Tonight hopefully the youngest congresswoman in US history. The great
@Ocasio2018
: ambitious plans for a green new deal in NYC.
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So many problems come from confusion between short term and long term. For example UKs policy “eat out to help out” in short term looked like it could help the economy, but in the long term is destroying it. It’s a very basic point that could go a long way. This one was obvious.
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Women economists supporting women economists. My buddies 🌹
@KateRaworth
and
@StephanieKelton
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I’m starting to feel sorry for myself: born in Italy, a country currently run by populist xenophobes; grew up in the USA, a country currently run by...Trump (say no more); and living in Britain, a country currently torn apart by wall raising Brexit. Ugh.
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‘The McKinseys and the Deloittes have no expertise in the areas that they’re advising in’
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Good luck today Chile! “A fairer Chile: protest generation aims to reshape country”
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Sounds so much better in Spanish! El Estado Emprendedor
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Profile today
@FT
on my new book with
@RosieCollingto
“The McKinseys & Deloittes have no expertise in areas that they’re advising in’” Better title: Governments must invest in internal expertise and build public capacity.
@IIPP_UCL
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In British cabs I hear complaints about EU migrants. In Italian cabs I hear complaints about African migrants. In South African cabs I hear complaints about Nigerian migrants. Have we all (humans) completely lost the plot? Perhaps a view of earth from the moon would help...
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Honrada de dar una conferencia pública en
@UNALOficial
(El Nacho), ¡la universidad del pueblo, para el pueblo! Gracias a
@LaMartaSinH
y Lorena Chaparro por la invitación y el increíble ambiente y a
@MFValdesV
y
@DanielRMed
por unirse al panel de discusión. ¡Hasta la próxima!
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Wrong again. State investments are behind most new drugs. US National Institutes of Health spend $40 billion/year on drug innovation. Real question is how to make sure that investment is governed for the public interest and not private profit. More info
"There comes a moment when the state must stand back and let the private sector get on with it"
PM Boris Johnson tells conference "we must not draw the wrong economic conclusion from this crisis" adding it isn't the state that "produces the new drugs"
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I will be live on
@WRadioColombia
today with
@DCoronell
to discuss how to design an economy to attract investment.
Tune in at 7:00 COT / 13:00 BST
#ElReporteCoronell
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Bolsonaro is closing down a public microchip factory. Probably because it’s public. More than 90 postgraduates and 12 years experience with 100 contracts with local and foreign companies… about to be profitable. Why?
@CarlotaPrzPerez
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Grenfell Tower = microcosm of 3 very bad economic ideas 1. De-regulation; 2. Outsourcing (public service for private profit); 3. Austerity.
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Problem is not so much lockdown but continued lack of a serious test and trace system delivered through a competent well resourced public health system. Stop using consulting companies: put full weight behind PUBLIC health! Me &
@globalhlthtwit
in
@ProSyn
:
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Yesterday spoke w Argentina President Macri. Talked abt role of state in innovation & why neoliberal econ policies fail. Not sure he got it.
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After 3 wonderful days in Bogotá, arrived after midnight last night in Buenos Aires ready for fantastic next 3 days.
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Cool to be amongst these “5 Economists Redefining… Everything. Oh Yes, And They’re Women”
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Italy today celebrates the resistance and all those who fought against fascism. Buon 25 Aprile!!!
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On
@BBCr4today
I said: (1) Green New Deal is INVESTMENT in our future; (2) austerity decimated social fabric (costs to pick up mess); (3) debate should be also on high PRIVATE debt. I asked
@bbcnickrobinson
to talk about that, he said: ‘we report what they tell us’. Who is they?
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Boris says vaccine came from capitalism & greed. Wrong (again) on BOTH. 1. Capitalism? Massive high risk early stage PUBLIC investment 2. Greed? That's what's making things go very wrong. Abandon ideology (and ignorance). My article with
@henrylsl
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Yo no defiendo el Estado, yo defiendo el tipo de pensamiento que traduce una vision economica que no este llena mitos y el publico y el privado puedan trabajar juntos
@aleberco
@C5N
#BrotesVerdes
📺
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Capitalism ain’t working. Does it need just another (again!) ‘fix’ or a radical reshape? The latter. “This economist has a plan to fix capitalism. It's time we all listened”
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Just had lunch in Queens with the inspiring
@Ocasio2018
talking about a Green New Deal ... and all the inspiring (and realistic when we put our minds to it ) changes it requires !
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Against LOOTING? Check out its professionalisation via private equity model of finance. The rest is child's play.
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Oxford/AstraZeneca Covid vaccine research ‘was 97% publicly funded’ | Medical research | The Guardian
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Example of this dysfunctionality: Gilead charging $3,120 for its COVID-19 drug Remdesivir. A drug that was developed with a $70.5 million grant from the government-funded National Institutes of Health. Prices should reflect public investment, and patent system must not be abused.
Wrong again. State investments are behind most new drugs. US National Institutes of Health spend $40 billion/year on drug innovation. Real question is how to make sure that investment is governed for the public interest and not private profit. More info
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The hypocrisy of the global north talking about corruption in the global south. Corruption is rampant in the US and UK. My reply during an
@FT
interview on Latin America.
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Which group is more likely to solve climate change?
@COP26
@Teresaribera
@NicolaSturgeon
@PEspinosaC
@UNFCCC
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If LEFT means living by values of: justice, equity, inclusion & sustainability, then please
@nytimes
remove the ISH. LEFT is LEFT. (though those right-left dichotomous categories are usually useless punchbags that close real dialog and action)
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Great meeting today with Brazil’s Finance minister
@Haddad_Fernando
and his team. Talked about ambitious ecological transformation plan.
@IIPP_UCL
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What happens to the economy when governments become overly reliant on consultants?
@RosieCollingto
and I investigate in my new book debunking the myth that consultancies always add value to the economy.
Pre-order now!
US:
UK:
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The entire clip of
@BBCPolitics
yesterday My main point: UK economic problems are not due to EU but to financialisation, short-termism, low investment/productivity (created inside our borders). If there is a general election, talk about THAT (& stop lying)
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We’ve seen 50 years of the ‘consultification’ of government. In order for gov to administer any process effectively, from the pandemic to the IT infrastructure of the post office, we need investment in public sector capability.
This week, I made that point on
#PoliticsLive
⬇️
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One thing I’ve never understood about Westminster debates is the amount of laughing & heckling & jeering & pounding & screaming. It’s as if life is a joke. I guess I don’t get it (cultural?) but I find it an insult to the citizens that live in Britain. No joke. It’s serious.
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What I said on
@Channel4News
tonight: Clapping NHS without also strengthening it is an “insult”,
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In Sept 2018 I had lunch in Queens with
@AOC
(later voted into Congress). We talked about Green New Deal and ways to ensure rewards from collectively created innovation are shared. Hoping ideas become reality now that US is back on world stage.
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A key driver of inequality? Rents! Read our paper on modern economic rents, from the feudal LAND rents (still today!), financial rents, patent rents, and digital rents.
@jryancollins
@GGouzoulis
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Growth for growth sake got us into this mess. We’ve got to direct it to be sustainable and inclusive through a mission oriented approach.
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My interview today
@el_pais
“La izquierda se ha vuelto perezosa. Debe centrarse en la creación de riqueza” I would have preferred more nuanced title: ‘Left needs to be as innovative about value creation as redistribution.’
@Teresaribera
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Imagine explaining to a Martian how, on Earth, grown men kicking a ball around a pitch earn so much more than heart surgeons, let alone school teachers (both who save and improve lives). Odd.
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Thanks to my 2 wonderful
@IIPP_UCL
colleagues
@LucaBurgsdorff
& Manuel Maldonado for accompanying/collaborating on inspirational tour in Bogotá, Buenos Aires & Santiago. Great to finish with
@gabrielboric
carrying the
@IIPP_UCL
flag. I mean bag.
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I’m NO Putin fan, but let’s be honest: What would the United States do if Mexico, on it’s border, joined some sort of Russian and/or Chinese security alliance?
@JeffDSachs
provides wise advice: US should compromise on Nato to save Ukraine.
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Putting public purpose at the centre of a circular economy. And not pretending government budgets are household budgets! Doughnut+Missions+MMT!
@KateRaworth
@StephanieKelton
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Got FREE Covid test today in the Netherlands, before returning to UK tomorrow. Why does testing remain a rent-seeking industry in so many countries, like the UK? It ain’t rocket science folks. Regulate Covid testing for the common good!
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Labour: prepare clear rebuttal to accusation that you left public finances in tatters. A hint: banks & finance caused the crisis. Your post crisis investment (& deficit) saved capitalism, which you want to reform. Under Tories, banks got off scot-free while austerity hurt people.
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Last week I had the honour to briefly discuss with
@Pontifex
my new paper on a new economics for the Common Good.
@PontAcadLife
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What happens when you don’t vaccinate the world to stop vaccine apartheid? The virus mutates in unvaccinated regions! It ain’t rocket science! We have been warning about this in the WHO Council on the Economics of Health for All:
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Great lunch w
@ricardobonillag
@GermanUmanaM
@DanielRMed
@laurisarabia
& others
@Casa_Narino
. Spoke about opportunities to rethink the way government works with business AND popular economy to create public value for Colombians (via reindustrialization strategy & other policies).
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Congratulations to
@ellyesse
, the new leader of Italy’s
@pdnetwork
🚀🍾! Had dinner with her in Rome exactly a week ago. Full of innovative ideas on battling inequality, global warming and the need for genuine participation. Brava!!
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If there are "key" or "essential" workers in the economy, next step is to recognise "essential" part of economy that needs funding, nurturing & massive rethinking. Corollary is to understand how so much value could have been extracted by "non essential" part, and reverse that.
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What a perfect way to celebrate my birthday in Madrid! Lunch with Spain’s PM Pedro Sánchez and Deputy PM Teresa Ribera. Thank you!
@sanchezcastejon
@Teresaribera
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This is one of the most powerful speeches I have ever heard. Listen to it and over. The WHY (not the WHAT) behind protesting, rioting AND looting. And why new ownership models needed.
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In the Conclusion of my new book
#MissionEconomy
, I pay tribute to inspirational women who have put ‘life’ at the centre of the economy, not vice versa: Hannah Arendt, Edith Penrose, Elinor Ostrom,
@CarlotaPrzPerez
,
@StephanieKelton
,
@KateRaworth
. Thank you!
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I am honoured to have received the 2020 John Von Neumann Award. Tomorrow I will be giving an online lecture (details below).
We are so proud to announce that IIPP Director
@MazzucatoM
has been elected as the 2020 recipient of the John von Neumann Award!
Find out more about the ceremony and open lecture with Professor Mazzucato on Monday October 12th at 7pm BST.
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I really don’t get why England players took off the medals so quickly and dismissively. Bad vibe x sport. They played well throughout the tournament. Period.
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This is what a PUBLIC swimming pool looks like in Sydney, Australia. Whoever said the public sector cannot be funky, cool, ambitious, attractive and super well designed! Not impossible. (after my morning swim, off to talk about innovation policy with public sector officials...)
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"You will never walk alone!!!" Liverpool players kneel down at Anfield in tribute to
#GeorgeFloyd
. Bravi!!
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Hamas should be punished for its war crimes on civilians without creating new war crime 'revenge' on innocent Palestinians in Gaza & West Bank. When will EC, US & UK impose Geneva Convention? Time to call for immediate de-escalation & ceasefire or risk losing all credibility.
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David Ricardo was in 1821 talking about effect of mechanization on jobs and wages. But as long as profits were reinvested in economy, new jobs appeared. That stopped with maximisation of shareholder value. Blame financialization & bad governance not robots! I’ll say this
@wef
!
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My interview in
@elpais_espana
on why Spain's government took many right actions which mean the country is on a better path, including inflation (better than many). Give credit where it is due and good luck with the elections!
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