The Value of Everything Making and Taking in the Global Economy 2nd edition by Mariana Mazzucato ISBN ‎ 0141980761 ‎ 978-0141980768

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ISBN 10:‎ 0141980761
ISBN 13: ‎ 978-0141980768
Author: Mariana Mazzucato

WINNER OF THE 2019 MADAME DE STAËL PRIZE AND THE 2018 LEONTIEF PRIZE FOR ADVANCING THE FRONTIERS OF ECONOMIC THOUGHT

SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2018

Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today’s financial and economic crisis is a problem hiding in plain sight.

In modern capitalism, value-extraction is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. From companies driven solely to maximize shareholder value to astronomically high prices of medicines justified through big pharma’s ‘value pricing’, we misidentify taking with making, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value – what it is, why it matters to us – is simply no longer discussed.

Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism – radically to transform an increasingly sick system rather than continue feeding it – we urgently need to rethink where wealth comes from. Which activities create it, which extract it, which destroy it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic – that works for us all. The Value of Everything reigniteS a long-needed debate about the kind of world we really want to live in.

The Value of Everything Making and Taking in the Global Economy 2nd Table of contents:

1. A Brief History of Value

The Mercantilists: Trade and Treasure

The Physiocrats: The Answer Lies in the Soil

Classical Economics: Value in Labour

2. Value in the Eye of the Beholder: The Rise of the Marginalists

New Times, New Theory

The Eclipse of the Classicals

From Objective to Subjective: A New Theory of Value Based on Preferences

The Rise of the ‘Neoclassicals’

The Disappearance of Rent and Why it Matters

3. Measuring the Wealth of Nations

GDP: A Social Convention

The System of National Accounts Comes into Being

Measuring Government Value Added in GDP

Something Odd About the National Accounts: GDP Facit Saltus!

Patching Up the National Accounts isn’t Enough

4. Finance: A Colossus is Born

Banks and Financial Markets Become Allies

The Banking Problem

Deregulation and the Seeds of the Crash

The Lords of (Money) Creation

Finance and the ‘Real’ Economy

From Claims on Profit to Claims on Claims

A Debt in the Family

5. The Rise of Casino Capitalism

Prometheus (with a Pilot’s Licence) Unbound

New Actors in the Economy

How Finance Extracts Value

6. Financialization of the Real Economy

The Buy-back Blowback

Maximizing Shareholder Value

The Retreat of ‘Patient’ Capital

Short-Termism and Unproductive Investment

Financialization and Inequality

From Maximizing Shareholder Value to Stakeholder Value

7. Extracting Value through the Innovation Economy

Stories about Value Creation

Where Does Innovation Come From?

Financing Innovation

Patented Value Extraction

Unproductive Entrepreneurship

Pricing Pharmaceuticals

Network Effects and First-mover Advantages

Creating and Extracting Digital Value

Sharing Risks and Rewards

8. Undervaluing the Public Sector

The Myths of Austerity

Government Value in the History of Economic Thought

Keynes and Counter-cyclical Government

Government in the National Accounts

Public Choice Theory: Rationalizing Privatization and Outsourcing

Regaining Confidence and Setting Missions

Public and Private Just Deserts

From Public Goods to Public Value

9. The Economics of Hope

Markets as Outcomes

Take the Economy on a Mission

A Better Future for All

Discover More

About the Author

Bibliography

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Tags: Mariana Mazzucato, The Value, Global Economy