The Value of Everything: Who Makes and Who Takes from the Real Economy
Written by Mariana Mazzucato
Narrated by Randye Kaye
4/5
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About this audiobook
In her previous work, The Entrepreneurial State, Mariana Mazzucato argued that public investment has been the most significant driver of innovation and product development. The iPhone as it exists would not have been possible without government-sponsored technology like Siri and Touch ID. Yet Apple today, like numerous other companies, is engaging in a massive repurchase scheme, and for the first time has prioritized value-extraction practices such as spending to boost shareholder profit-the very initiatives that funded their software.
If private companies continue down this path, they will succeed in diminishing the size of their largest and most successful investor-the state-and will destroy powerful opportunities, shrivel markets, and depress wealth.
Mariana Mazzucato
Mariana Mazzucato (PhD) is Professor in the Economics of Innovation and Public Value at University College London (UCL), where she is Founding Director of the Institute for Innovation & Public Purpose (IIPP). She is the winner of international prizes including the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought and the 2020 John von Neumann Award. Her award winning books include The Entrepreneurial State: Debunking Public vs. Private Sector Myths (2013) and The Value of Everything: Making and Taking in the Global Economy (2018). She advises global policy makers and is Chair of the World Health Organization’s Council on the Economics of Health for All and a member of the UN’s High-level Advisory Board (HLAB) on Economic and Social Affairs.
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Reviews for The Value of Everything
66 ratings5 reviews
- Rating: 5 out of 5 stars5/5This deep dive into how our economy has become overcome by the wrong stories is incredibly enlightening. The stories we tell ourselves about what makes value have an incredible impact on how we behave and how we evaluate everything around us. We need to start telling ourselves new stories and realizing where true value is created. I have not encountered a better explanation of both the problem and the solution.
2 people found this helpful
- Rating: 4 out of 5 stars4/5Interesting exploration of the hidden choices that make neoliberal economics seem inevitable. Is changing a diaper productive? Only if a paid worker does it—but that’s a choice, and so is treating government as merely an expense and not a source of productivity. Mazzucato explains in detail how mainstream economics as a discipline socializes risk and cost, attributing them to government, while privatizing gain, attributing it to corporations.
- Rating: 5 out of 5 stars5/5An excellent argument for the relativity of 'value,' made from the perspective of an economist rather than a critical theorist. How do we calculate economic growth? In short, we include things made by private businesses, and exclude the work--'economic' or otherwise--of those who are not being employed by private businesses. Once you've done that, it's pretty easy to claim that tax cuts for the rich are the only ways to increase growth. Of course, once you recognize this, you should recognize that our understanding of 'value' itself needs to be altered.
- Rating: 5 out of 5 stars5/5I'm just a curious reader of Economics, so there are quite a few things I learnt from this book. The central question 'What is value?' is the core of this book - as the title goes. The terms 'value creation' and 'value extraction' are illustrated through many examples.The first few chapters talk about the history of Economics and how people's understanding about value got defined/transformed through production boundary and theory of marginal utility.I was astounded by how complex it is to calculate GDP though it has a very simple definition - the measure used to calculate the growth of goods and services in an economy.The few chapters talk about banks and the financial world. It is here that things became quite abstruse for me. Clearly, I need to learn more about Economics. I wish with better understanding of this vast subject, I'll be able to fully appreciate books like this in future.
- Rating: 4 out of 5 stars4/5Deducted one star because, like all Keynesians ( post, neo or otherwise ) Mazzucato seeks to save capitalism from itself so, from my perspective, the conclusions are less than compelling. Good grasp of the labour theory of value & TRPTF and familiar with Rubin, which is impressive.