The value of everything : makers and takers in the global economy / Mariana Mazzucato.Publisher: [London] : Allen Lane, an imprint of Penguin Books, 2018Description: xix, 358 p. illISBN: 9780241347799 (paperback)Subject(s): Economics | Wealth creation | Capitalism | ValueAdditional physical formats: ebook version: No titleDDC classification: 338.5 MAZ LOC classification: HB201 | .M39 2018
Bibliography : p. 281- 296 Index : p. 331-358
Machine generated contents note: Common Critiques of Value Extraction -- What is Value? -- Meet the Production Boundary -- Why Value Theory Matters -- The Structure of the 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 Markets Become Allies --
Contents note continued: 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 --
Contents note continued: 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.
Who really creates wealth in our world? And how do we decide the value of what they do? In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation- the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it? These questions are key if we want to replace the current parasitic system with a capitalism that works for us all. The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in.
"Winner of the 2018 Leontief Prize for advancing the frontiers of economic thought" -- Cover.