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Mazzucato cited in parliamentary committee report on industrial strategy

20 March 2017

Mariana Mazzucato

, Professor in the Economics of Innovation and Public Value, who joined 最准的六合彩论坛 this month, has been cited in a new , published on 3 March 2017.聽

One of the Committee鈥檚 key recommendations - that industrial policy should be mission-based to address societal problems - is influenced by Professor Mazzucato鈥檚 research on mission-oriented innovation policy. In its Summary, the Committee says:

鈥淲e recommend that the Government reconsider giving sectoral strategies priority and instead focus on horizontal policies and specific 鈥榤issions鈥 to meet UK-wide and local public policy challenges. This will make clear that the function of the Government鈥檚 industrial strategy 鈥 and of industry itself 鈥 is to solve societal problems and it will provide a clear focus for activity across Government and industry.鈥 (p. 3)

Mazzucato submitted to the committee with Professor Jim Watson in her previous role as RM Phillips Professor at , University of Sussex.聽 Mazzucato was also invited to . Their joint evidence, submitted by SPRU and quoted in the BEIS report, argues:

鈥淧ast UK industrial strategies have tended to default towards a sectoral approach. There are good reasons for this, as sectors offer a good organizing basis for solving coordination problems related to, for example, skills. But there are also risks to a sectoral approach, such as capture to private lobbying interests [ 鈥 ] This is where instead of driving to the frontier of new ideas, firms influence governmental programmes and policy making. Starting with problems, not sectors, helps to minimise this problem.鈥 (SPRU written evidence, quoted on p.24 of the Report)

The BEIS committee report recommends that 鈥渁 mission-based approach provides a means of articulating a positive economic vision and picking public policy challenges and allowing all sectors to put forward contributions to solving these鈥 (p. 58).

Mazzucato joined 最准的六合彩论坛 on 1 March 2017 to establish a new Institute of Innovation and Public Purpose to be formally launched in autumn 2017.聽 The Institute, housed within the Bartlett, will focus on how public policy can be used to give direction to economic growth and innovation in order to tackle societal and technological challenges.聽 It will build on her previous work on and , which is having impact on policymakers around the world.

Further reading

  • Read Professors鈥 Mariana Mazzucato and Jim Watson鈥檚聽聽inquiry into industrial strategy (September 2016)
  • Watch / Listen to a聽 (22/11/2016)
  • Read Professor Mazzucato鈥檚 article in the Financial Times:聽 (3/8/2016)