Suchergebnisse

Preface: Stories about wealth creation -- Introduction: Making versus taking -- Common critiques of value extraction -- What is value? -- Meet the production boundary -- Why value theory matters -- The structure of this book -- 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 markers 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 license) 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.

Para abordar de manera efectiva los grandes desafíos de nuestro tiempo, no podemos simplemente hacer pequeños ajustes y arreglar las fallas del mercado. Tenemos que formar activamente los mercados para cumplir el objetivo de generar un crecimiento más sostenible e inclusivo. Este artículo sostiene que una economía orientada a objetivos requiere un enfoque de configuración del mercado; uno que acompañe el concepto de bien público con el enfoque de bien común necesario para diseñar la interfaz para esta colaboración. Se trata de estructurar las condiciones y los mecanismos de gobernanza que den forma a las capacidades, herramientas, instituciones y asociaciones necesarias para tomar medidas concretas. Desarrollar inteligencia colectiva en estas dimensiones ex ante es esencial para maximizar el valor público para todos los actores involucrados. Este artículo expone cómo se puede conceptualizar y combinar un marco de configuración de mercado y de bien común. Es importante destacar que las misiones pueden utilizarse para orientar y coordinar políticas, instituciones, innovación e inversiones en torno a objetivos claros, ambiciosos y mensurables. Además, este documento aborda las implicaciones para los desafíos globales clave, desde el cambio climático hasta las pandemias.

Dieser Beitrag befasst sich mit dem Verständnis des Staates in der traditionellen Wirtschaftstheorie, die dessen Rolle auf die Stabilisierung der Märkte sowie auf Fördermaßnahmen oder die Risikominimierung für den Privatsektor beschränkt. Tatsächlich jedoch hat der Staat oft ganz aktiv Märkte (mit)geschaffen und hohe Risiken dafür in Kauf genommen, bevor der Privatsektor dazu bereit oder fähig war. Dies trifft besonders auf die Innovationsökonomie zu, wo einzelne Gründer und Unternehmen bislang zu den einzigen risikobereiten Wertschöpfern stilisiert werden. Die Rolle des Staates bei der Schaffung und Gestaltung von Märkten zu ermessen setzt die Erkenntnis voraus, dass auch öffentliche Akteure risikobereite Investoren sind und dass dies Implikationen für die Aufteilung der Gewinne zwischen öffentlichen und privaten Akteuren hat. Eine marktschaffende Rolle der Politik, die eine Vergesellschaftung von Risiken und Chancen ermöglicht, ist besser dazu geeignet, sowohl »intelligenteres« (innovationsbasiert) als auch inklusiveres Wachstum voranzutreiben.

This paper presents a critique of the market failure theory, focusing on its limitationsfor explaining the creation of new markets. From a review of the literature on the subjectand several examples, I argue that the state has an essential role in fostering innovation.Therefore, the challenges for innovation in the future should be less focused on the worriesabout 'picking winners' and 'crowding out'. Instead, we must open up the discussiontowards four key questions: 1) directions; 2) evaluation; 3) organisational change; 4) risksand rewards.

Today, countries around the world are seeking "smart" innovation-led growth, and hoping that this growth is also more "inclusive" and "sustainable" than in the past. This paper argues that such a feat requires rethinking the role of government and public policy in the economy - not only funding the "rate" of innovation, but also envisioning its "direction." It requires a new justification of government intervention that goes beyond the usual one of "fixing market failures." It also requires the shaping and creating of markets. And to render such growth more "inclusive," it requires attention to the ensuing distribution of "risks and rewards." To approach the innovation challenge of the future, we must redirect the discussion, away from the worry about "picking winners" and "crowding out" toward four key questions for the future: 1. Directions: how can public policy be understood in terms of setting the direction and route of change; that is, shaping and creating markets rather than just fixing them? What can be learned from the ways in which directions were set in the past, and how can we stimulate more democratic debate about such directionality? 2. Evaluation: how can an alternative conceptualization of the role of the public sector in the economy (alternative to MFT) translate into new indicators and assessment tools for evaluating public policies beyond the microeconomic cost/benefit analysis? How does this alter the crowding in/out narrative? 3. Organizational change: how should public organizations be structured so they accommodate the risk-taking and explorative capacity, and the capabilities needed to envision and manage contemporary challenges? 4. Risks and Rewards: how can this alternative conceptualization be implemented so that it frames investment tools so that they not only socialize risk, but also have the potential to socialize the rewards that enable "smart growth" to also be "inclusive growth"?