The Entrepreneurial State: Debunking Private vs. Public Sector Myths | Mariana Mazzucato

Where do the boldest innovations, with the deepest consequences for society, come from? Many business leaders, entrepreneurs, and libertarians claim that the private sector leads the way always, and government at best follows by decades and at worst impedes the process with bureaucratic regulations. Mariana Mazzucato proves otherwise.  Many of the most profound innovations—from the Internet and GPS to nanotech and biotech —had their origin in government programs developed specifically to explore innovations that might eventually attract private sector interest.  Ignoring this entrepreneurial risk taking role of government has fuelled a very different story about governments role in the economy, and also fuelled the dysfunctional dynamic whereby risk is socialised—with tax payers absorbing the greatest risk--- but rewards are not. Mazzucato will argue that socialization of risk, privatization of rewards is not only bad for the future of innovation eco-systems but also a key driver of inequality. What to do about it?  Mazzucato is a professor of the Economics of Innovation at Sussex University and author of "The Entrepreneurial State: debunking private vs. public sector myths": http://entrepreneurialstate.anthempre.... "The Entrepreneurial State: Debunking Private vs. Public Sector Myths" was given on March 24, 02014 as part of Long Now's Seminar series. The series was started in 02003 to build a compelling body of ideas about long-term thinking from some of the world's leading thinkers. The Seminars take place in San Francisco and are curated and hosted by Stewart Brand. To follow the talks, you can: Subscribe to our podcasts: http://longnow.org/seminars/podcast Explore the full series: http://longnow.org/seminars More ideas on long-term thinking: http://blog.longnow.org The Long Now Foundation is a non-profit dedicated to fostering long-term thinking and responsibility. Our projects include a 10,000 Year Clock, endangered language preservation, thousand year+ data storage, and Long Bets, an arena for accountable predictions. Become a Long Now member to support this series, join our community, and connect with our ongoing work to explore and deepen long-term thinking: http://longnow.org/membership Like us on Facebook:   / longnow   Follow us on Twitter:   / longnow   Subscribe to our channel:    / longnow