Building the Entrepreneurial State: a New Framework for Envisioning and Evaluating a Mission-Oriented Public Sector
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Entrepreneurial Error Does Not Equal Market Failure
Munich Personal RePEc Archive Entrepreneurial Error Does Not Equal Market Failure Bagus, Philipp and Howden, David and Huerta de Soto Ballester, Jesús 1 May 2018 Online at https://mpra.ub.uni-muenchen.de/86706/ MPRA Paper No. 86706, posted 19 May 2018 00:57 UTC This article can be cited as: Bagus, Philipp, David Howden and Jesús Huerta de Soto Ballester. 2018. “Entrepreneurial Error Does Not Equal Market Failure.” Journal of Business Ethics 149(2): 433-41. It can be found at: https://link.springer.com/article/10.1007/s10551-016-3123-9 Entrepreneurial Error Does Not Equal Market Failure Philipp Bagus Universidad Rey Juan Carlos Department of Applied Economics I and History and Economic Institutions (and Moral Philosophy) Paseo Artilleros s/n. Madrid, 28032, Spain [email protected] David Howden Saint Louis University – Madrid Campus Department of Business and Economics Avenida del Valle, 34 Madrid, 28003, Spain [email protected] Jesús Huerta de Soto Ballester Universidad Rey Juan Carlos Department of Applied Economics I and History and Economic Institutions (and Moral Philosophy) Paseo Artilleros s/n. Madrid, 28032, Spain [email protected] Abstract: Barnett and Block (forthcoming) claim that Bagus and Howden (2012b) support indirectly the concept of market failure. In this paper we show that maturity mismatching in an unhampered market may imply entrepreneurial error but cannot be considered a market failure. We demonstrate why fractional-reserve banking leads to business cycles even if there is no central bank and why maturity mismatching does not per se lead to clusters of errors in a free market. -
A Different Approach to Investment
1 A Different Approach to Investment Chris Leithner Leithner & Co. Pty Ltd Leithner Investments Pty Ltd Level 3, Benson House 2 Benson Street Toowong, Queensland, Australia [email protected] www.leithner.com.au Paper Prepared for The Montreal Economic Institute 19 May 2005 “The opinions expressed in this text do not necessarily represent those of the Montreal Economic Institute or of the members of its board of directors.” The opinions expressed are those of Chris Leithner exclusively. 2 When a commodity is perfectly uniform or homogeneous in quality, any portion may be indifferently used in place of an equal portion: hence, in the same market, and at the same moment, all portions must be exchanged at the same ratio. There can be no reason why a person should treat exactly similar things differently, and the slightest excess in what is demanded for one over the other will cause him to take the latter instead of the former … Hence follows what is undoubtedly true, with proper explanations, that in the same open market, at any one moment, there cannot be two prices for the same kind of article. Such differences as may practically occur arise from extraneous circumstances, such as the defective credit of the purchasers, their imperfect knowledge of the market, and so on. William S. Jevons The Theory of Political Economy (1871) Entrepreneurial judgment cannot be bought on the market. The entrepreneurial idea that carries on and brings profit is precisely that idea which did not occur to the majority. It is not correct foresight as such that yields profits, but foresight better than that of the rest. -
Governing Health Innovation for the Common Good
The WHO Council on the Economics of Health for All COUNCIL BRIEF NO. 1 9 JUNE 2021 Governing health innovation for the common good The development of multiple coronavirus disease The Council has written this brief to focus on the 2019 (COVID-19) vaccines in less than a year governance of innovation, a critical building block of shows how much can be accomplished when healthy economies, and lays out the key problems with human ingenuity and solid medical research and the health innovation ecosystem and why radical changes development capabilities are given extensive are needed to ensure it delivers Health for All. In future public support. However, this experience also briefs, the Council will look at how to measure and value demonstrates that unless innovation is governed for Health for All in ways that are informed by common the common good, many people remain excluded good principles, how to finance Health for All with new from its benefits, limiting the positive impact of purpose-driven public and private partnerships, and how health interventions, and creating unacceptable to build strong collective capacities able to deliver Health inequities that potentially exacerbate the health for All. These different dimensions are interrelated and needs that it is supposed to address. connected. For instance, the way the financing of health innovation is structured must reflect its purpose (common Governing health innovation for the common good is a good), value and governance, and be connected to key element towards creating a new political economy for building capacities to deliver it in equitable ways. Health for All, one that has the ambition of shaping the economy with the objective of building healthy societies that At multiple high-level policy forums such as the G7, are just, inclusive, equitable and sustainable. -
COVID-19, Austerity and an Alternative Social and Economic Policy Path for Manitoba
Canadian Centre for Policy Alternatives | Manitoba March 2021 COVID-19, Austerity and an Alternative Social and Economic Policy Path for Manitoba Jesse Hajer with Lynne Fernandez www.policyalternatives.ca RESEARCH ANALYSIS SOLUTIONS I sbn 978-1-77125-548-6 About the Authors This report is available free of charge from the Jesse Hajer is a faculty member in the CCPA website at www.policyalternatives. Department of Economics and Labour Studies ca. Printed copies may be ordered through the program at the University of Manitoba, and a Manitoba Office for a $10 fee. research associate with the Canadian Centre for Policy Alternatives – Manitoba. He was a Help us continue to offer our publications free policy advisor and project manager with the online. government of Manitoba from 2009–2016. We make most of our publications available Lynne Fernandez previously held the Errol Black free on our website. Making a donation or Chair in Labour Issues at CCPA–MB . taking out a membership will help us continue to provide people with access to our ideas Acknowledgments and research free of charge. You can make a donation or become a supporter on-line at Special thanks to Fletcher Baragar and Molly www.policyalternatives.ca. Or you can contact McCracken for helpful and detailed feedback the Manitoba office at 204-927-3200 for and editorial review on earlier versions of this more information. Suggested donation for this report. publication: $10 or what you can afford. The opinions and recommendations in this report, and any errors, are those of the authors, and do not necessarily reflect the views of the publishers or funders of this report. -
Government Failure Justin Jefferson, NSW Lawyer, Writes in “The Land
Government Failure Justin Jefferson, NSW lawyer, writes in “The Land”: “People blaming the current financial crisis on the ‘free market’ are displaying a failure to understand the issues. Capitalism means the private ownership and control of the means of production. By definition, government monopoly control of the money supply is not capitalist. Government control of interest rates is not capitalist. Government cartelization of the banking industry is not capitalist. Government policies to encourage borrowing are not capitalist. Government taking money from all of society to pay for hand-outs to home-buyers, is not capitalist. The current crisis shows precisely the reasons why free market economics oppose such monetary policies. Though they are intended to replace capitalism with a better and fairer system, they always involve plundering the population to pay for privileges for political favourites of the right or left wing. Government’s expansion of money and credit causes inflation, and economic miscalculation on a massive scale: ‘bubbles’. But really government cannot generate wealth from nothing - it can only consume or redistribute wealth that people produce by work or savings. Although everyone decries the bust, the damage is done during the boom, when monetary policy induces vast system-wide malinvestments. In the process known as the bust, it falls to ordinary people to experience the hardships of washing out these massive malinvestments and re-allocating capital to productive uses; while politicians carry on their Santa Claus act using public money to bail out political favourites.” . -
The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis Joel P
Northwestern Journal of International Law & Business Volume 17 Issue 1 Winter Winter 1997 The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis Joel P. Trachtman Follow this and additional works at: http://scholarlycommons.law.northwestern.edu/njilb Part of the International Trade Commons Recommended Citation Joel P. Trachtman, The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis, 17 Nw. J. Int'l L. & Bus. 470 (1996-1997) This Symposium is brought to you for free and open access by Northwestern University School of Law Scholarly Commons. It has been accepted for inclusion in Northwestern Journal of International Law & Business by an authorized administrator of Northwestern University School of Law Scholarly Commons. The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis Joel P. Trachtman* Without a theory they had nothing to pass on except a mass of descriptive material waiting for a theory, or a fire. 1 While the kind of close comparative institutional analysis which Coase called for in The Nature of the Firm was once completely outside the universe of mainstream econo- mists, and remains still a foreign, if potentially productive enterrise for many, close com- parative analysis of institutions is home turf for law professors. Hierarchical arrangements are being examined by economic theorists studying the or- ganization of firms, but for less cosmic purposes than would be served3 by political and economic organization of the production of international public goods. I. INTRODUCrION: THE PROBLEM Debates regarding the competences and governance of interna- tional economic organizations such as the World Trade Organization * Associate Professor of International Law, The Fletcher School of Law and Diplomacy, Tufts University. -
Professor Mariana Mazzucato
PROFESSOR MARIANA MAZZUCATO www.marianamazzucato.com HIGHER EDUCATION 1999 PhD. Economics, New School for Social Research, NY 1994 Masters in Economics, New School for Social Research, NY 1990 Bachelor of Arts, History/International Relations, Tufts University, Boston ACADEMIC APPOINTMENTS 2017- Professor in Economics of Innovation and Public Value, University College London (UCL) 2011- 2017 RM Phillips Professor in Economics of Innovation, SPRU, University of Sussex 2005-2011 Professor of Economics (Chair in Economics of Innovation), The Open University 2010-2013 Distinguished Visiting Professor, University of Edinburgh, Scotland 2008-2010 Visiting Professor, Bocconi University, Milan, Italy 2003-2004 Senior Lecturer, Economics, The Open University 1999-2002 Lecturer, Economics, The Open University 1998-1999 Post-Doctoral Marie Curie (EC) funded Research Fellow, London Business School, UK 1997-1999 Assistant Professor (tenure track), Economics, University of Denver, CO 1995-1997 Adjunct Professor, Economics, New York University, NY RESEARCH MANAGEMENT 2017- Director and Founder, Institute for Innovation and Public Purpose, University College London (UCL) 2010-2012 Economics Director, ESRC Centre for Social and Economic Research on Innovation in Genomics (INNOGEN), www.genomicsnetwork.ac.uk/innogen 2009-2012 Coordinator of European Commission FP7 Collaborative Project on Finance, Innovation and Growth (FINNOV), 2004-2009 Founder and Director, Innovation, Knowledge and Development (IKD), inter-faculty research centre, The Open University, www.open.ac.uk/ikd 2004-2008 Director of Research, Department of Economics, The Open University PUBLICATIONS Books Mazzucato, M. (2018) The Value of Everything, Penguin, Allen Lane-Penguin, London, ISBN: 978-0-241- 1888-1 https://www.penguin.co.uk/books/280466/the-value-of-everything/ Jacobs, M. -
Rethinking How Public Value Is Created, Nurtured and Evaluated
Institute for Innovation and Public Purpose Rethinking how public value is created, nurtured and evaluated. Picking winners Picking the willing Outsourcing Capacity building Cost beneft Dynamic spillovers De-risking Welcoming uncertainty Fixing markets Co-creating and shaping Levelling the playing feld Tilting towards a direction Entrepreneurial societies need entrepreneurial states The UCL Institute for Innovation and Public Purpose (IIPP) was founded by Professor Mariana Mazzucato, author of the highly-acclaimed The Entrepreneurial State: debunking public vs. private sector myths. IIPP aims to develop a path-breaking framework for creating, nurturing and evaluating public value in order to achieve economic growth that is more innovation-led, inclusive and sustainable. IIPP will lead a debate about the direction of economic growth and governments’ use of mission-oriented policies to confront the world’s most urgent challenges: from climate change to inequality and the problems facing ageing societies. Our work will feed into policies on innovation, fnancial reform, institutional change and sustainable development. A cornerstone of IIPP’s research is that markets are not created out of thin air: they are outcomes of the interactions between different actors in the economy, operating in the public, private and voluntary sectors. In this context, public policy is not just about fxing market failures, but about actively co-creating and shaping markets. Our teaching and research programmes will help public organisations refocus themselves to become more mission-led, driven by public purpose, and able to welcome and manage the explorative and risk-taking processes that structural change and transformation require. Policy-makers focusing on public versus private are asking the wrong question. -
Structural Change and Economic Dynamics
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS AUTHOR INFORMATION PACK TABLE OF CONTENTS XXX . • Description p.1 • Impact Factor p.1 • Abstracting and Indexing p.1 • Editorial Board p.2 • Guide for Authors p.4 ISSN: 0954-349X DESCRIPTION . Structural Change and Economic Dynamics publishes articles about theoretical and applied, historical and methodological aspects of structural change in economic systems. The journal publishes work analyzing dynamics and structural change in economic, technological, institutional and behavioral patterns. Articles might examine the effects of the incorporation of new technologies and infrastructures, aspects of international economic integration and development, the changing configuration of employment and income distribution, interdependence between environmental and economic change, instability and crisis. An important aim is to facilitate communication among researchers who are actively engaged in the study of the various aspects of structural change and the dynamics of economic systems from an analytical or policy point of view. SCED encourages articles that apply econometric and statistical techniques to the above themes. The journal also publishes pure theoretical research on the structural dynamics of economic systems, particularly in the fields of multisectoral, complex and dynamical analysis. Benefits to authors We also provide many author benefits, such as free PDFs, a liberal copyright policy, special discounts on Elsevier publications and much more. Please click here for more information on our author services. Please see our Guide for Authors for information on article submission. If you require any further information or help, please visit our Support Center IMPACT FACTOR . 2020: 3.579 © Clarivate Analytics Journal Citation Reports 2021 ABSTRACTING AND INDEXING . Social Sciences Citation Index RePEc Scopus Journal of Economic Literature INSPEC AUTHOR INFORMATION PACK 28 Sep 2021 www.elsevier.com/locate/sced 1 EDITORIAL BOARD . -
Twelve Market and Government Failures Leading to the 2008–09 Financial Crisis
Twelve Market and Government Failures Leading to the 2008–09 Financial Crisis Guillermo de la Dehesa Occasional Paper 80 30 Group of Thirty, Washington, DC About the Author Guillermo de la Dehesa is Chairman of the Centre for Economic Policy Research. The views expressed in this paper are those of the authors and do not necessarily represent the views of the Group of Thirty. ISBN I-56708-149-5 Copies of this paper are available for $10 from: The Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C. 20036 Tel.: (202) 331-2472 Fax: (202) 785-9423 E-mail: [email protected] WWW: http://www.group30.org Occasional Paper No. 80 Twelve Market and Government Failures Leading to the 2008–09 Financial Crisis Guillermo de la Dehesa Published by Group of Thirty© Washington, DC 2010 Contents Introduction 5 Homeownership 9 Subprime Mortgages 11 Securitization 15 Investors 17 Rating Agencies 19 Banks 21 Regulation 27 Supervision 33 Risk Management 35 Over-the-Counter Derivatives Markets and Credit Default Swaps 37 Basel II 39 Systemic Risk 41 Conclusion 45 Group of Thirty Members 47 Group of Thirty Publications since 1990 51 Introduction There is a market failure when the market fails to allocate its resources in an efficient manner. This assumes one of four things: it did not consider the external costs and benefits (social efficiency), it failed to produce the goods and services at a minimum cost demanded by the consum- ers (allocation efficiency), it has not utilized the minimum quantity of resources possible in the production of goods and services (technical efficiency), or it has not produced the goods and services at the lowest possible manufacturing costs (industrial efficiency). -
Econsoc 21-1
Volume 21 · Number 1 · November 2019 economic econsoc.mpifg.de sociology _the european electronic newsletter 21.1 Note from the editor Content 1 Note from the editor The Brave New World The Brave New World of Big Data by Akos Rona-Tas of Big Data 4 Aadhaar: Uniquely Indian Dystopia? by Reetika Khera Akos Rona-Tas 13 Biometric IDs and the remaking of the Indian (welfare) state by Ursula Rao 22 Multiple social credit systems in China by Chuncheng Liu 33 Credit Scoring in the United States by Barbara Kiviat his issue is organized around plate readers can follow cars in 43 Bringing Context back into privacy the theme of Big Data as our many big cities and highways, regulation and beyond. About limitation on new social world, one that while cameras in public spaces re- purpose as an (old) response to (new) data Thas been taking shape thanks to three cord every second they see. Many challenges important recent advances in infor- of these sensors work without us by Karoline Krenn mation technology, all accelerated in even noticing them, like high reso- the last few years. lution satellite photos that can now 54 OpEd First, there has been an enor- deliver resolutions of 30 centime- by Jenny Andersson mous increase in our capacity to ters, while others, like our own gather and transmit data. Sensor digital cameras, require our active 56 Book reviews and communication technology al- participation by taking the pictures lows the inexpensive collection of and then uploading the digital im- Editor vast quantities of information, aid- ages. -
Public Financing of Innovation: from Market Fixing to Mission Oriented Market Shaping
Public financing of innovation: from market fixing to mission oriented market shaping Mariana Mazzucato* and Gregor Semieniuk** *Institute for Innovation and Public Purpose, University College London **SOAS, University of London NOTE: This is a background paper for the session on Innovation, investment and productivity, ECB conference, Sintra— borrowed heavily from Mazzucato, M. and Semieniuk, G. (2017) “Public financing of innovation: new questions”, Oxford Review of Economic Policy, Volume 33 (1): 24–48 https://academic.oup.com/oxrep/article/33/1/24/2972707/Public- financing-of-innovation-new-questions Abstract Economic theory justifies policy when there are concrete market failures. The article shows how in the case of innovation, successful policies that have led to radical innovations have been more about market shaping and creating through direct and pervasive public financing, rather than market fixing. The paper reviews and discusses evidence for this in three key areas: (1) the presence of finance from public sources across the entire innovation chain; (2) the concept of ‘mission oriented’ policies that have created new technological and industrial landscapes; and (3) the entrepreneurial and lead investor role of public actors, willing and able to take on extreme risks, independent of the business cycle. We further illustrate these three characteristics for the case of clean technology, and discuss how a market-creating and shaping perspective may be useful for understanding the financing of transformative innovation needed for