It’s been some time since I’ve reviewed two books in succession having to do with the world economy, and certainly the very first time each one has the word *value* in its title.
The author’s previous work, The Entrepreneurial State, caught the attention of not a few readers with its thesis that government has in the past, as it continues to do so today, created things of value to society.
The current work expands on the theme, with an historical focus on the evolving notion of what contributes to growth, viewed progressively, and what does not, in the author’s opinion.
The pandemic which we’ve recently experienced, is a very good example of how the different players in society, namely government, academia, and the private sector came together in a marvellous display of each one’s strength, thereby contributing to a successful outcome, if one looks only at the development of a vaccine to combat the coronavirus.
While I generally tend to agree with her thesis, I do feel she is too hard on risk-takers, as failure for them as individuals is much more dramatic than it would be for any institution.
Speaking of institutions, will it always be the fate of governments to never have the private sector acknowledge their contribution to economic development?
Mazzucato,The Value of Everything, PublicAffairs