Mariana Mazzucato, The Value of Everything: Making and Taking in the Global Economy

Małecka, Magdalena; Walsh, Jason Leo

doi:10.4000/oeconomia.8108

Cited by 20 publications

(20 citation statements)

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“…10; see also Saul, Kinley and Mowbray 2014). This interpretation departs from the neoclassical view of fair remuneration, which focuses only on economic outputs and considers that workers should receive a remuneration that is proportionate to their productivity (Mazzucato 2018). The neoclassical view is problematic because low-skilled workers and workers operating in sectors providing little added economic value would be considered not as being exploited but as receiving what they deserve.…”

Section: The Non-exploitation Approach To Labour Lawmentioning

confidence: 99%

Freedom at, through and from work: Rethinking labour rights

BUENO

2021

International Labour Review

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To what extent do labour rights promote freedom in relation to work? Methodologically, the article defines three freedoms: freedom “at”, “through” and “from” work. Despite freedom‐oriented approaches to labour law, it shows that fundamental labour rights have traditionally aimed and continue to aim at protecting workers in the labour market, not at expanding freedoms and in particular freedom “from” work. In this respect, it outlines limits in current proposals, such as the basic income, to liberate from work. It discusses instead new rights in the human economy framework, concluding that, in order to expand freedoms in relation to work, not fewer but more fundamental labour rights are required.

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Section: The Non-exploitation Approach To Labour Lawmentioning

confidence: 99%

Freedom at, through and from work: Rethinking labour rights

BUENO

2021

International Labour Review

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“…It creates the money it needs to cover imbalances and exploits the natural resources related to these needs. M. Mazzucato [25] eloquently explained the phenomenon of a "spender of last resort", referring to a subject that is making and taking everything. Given the fact that we are not living in an empty world but in a full world with the obvious limits, the transition toward a new economic order is imminent.…”

Section: The Green Transition: a Great Idea To Answer The Big Questionsmentioning

confidence: 99%

“…After the Great Recession of 2008, the old-timers from the field of economics such as J. Stiglitz [36], [37], D. Rodrik [34], [34], R. Rajan [33], D. Acemoglu [1], and many others started to propagate the ideas about a new economy. More recently, these ideas have been backed and further deepened by some prominent economics scholars of the new generation, including M. Mazzucato [24], [25], [26], S. Brunnhuber [7], [8] and other distinguished figures from other scientific fields such as C. A. Pereira and U. Bardi [2]. In our own previous work [12], [13], [14], [15], [20], we tried to contribute to this line of reasoning.…”

Section: Introductionmentioning

confidence: 97%

How a structural crisis is flipping the economic script and calling for the green transition in Serbia

Đuričin¹,

Herceg²,

Kuč³

2023

Ekonomika preduzeća

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These days in the economy and society, along with well-known and highly elaborated internal structural imbalances created by economic neoliberalism and exacerbated by fault lines in reactive policies during serial crises, new disruptive forces related to external asymmetric shocks have been unleashed. Due to widening imbalances, the economy fell in a structural crisis (cascading crisis, rolling crisis or a confluence of crises). A high probability of the emergence of apocalyptic consequences warns us that the situation is extremely alarming. The global economy and the planet are in a serious trap of dying slowly but surely. Finding a systemic solution to rising imbalances is the imperative of our time. The so-called "green transition" is a big idea to mitigate the crisis and make a recovery. It is a way to annul the existing structural imbalances and misconceptions of reactive policies, as well as a platform for sustainable economic growth in balance with the limits of nature. This approach is particularly suitable for developing economies that aspire to catch up with the developed world through new industrialization. In this paper, we attempt to concentrate, among dozens of complex issues concerning the transition from an old to a new economic order, on those solutions pertaining to the economic system adjustments in line with the natural limits in a landlocked, small, open, and developing economy such as Serbia. The great majority of economics scholars have agreed upon the root causes of the crisis as well as the key assumptions regarding problem solutions. In defining our proposals, despite different angles, we intend to integrate the most effective elements of a widely accepted but outside-the-box view. No doubt, it is not certain for how long the current crisis will last. Some mitigation activities already exist. Unfortunately, it is not enough. To reverse the regression trend, four questions need to be answered. What is a global priority for action, and what to ignore? What would be a feasible and effective conceptual platform for the crisis mitigation and the subsequent revival and establishment of a sustainable and inclusive economy? How to coordinate transformative activities in the right direction at the local level? How to weight different instruments to finance the transition from a new normal to a better normal, particularly from the perspective of the mission of economic entities and performance measurement system? To answer the previous questions, the economic theory and public policy should first replace the nexus of neoliberal rules, particularly by making well-being a relevant tenet, not only selfinterest. That requires a paradigm change, in both microeconomics and macroeconomics, by adopting a new nexus of economic rules, capable of explaining the behavior of economic agents, sometimes irrational and inconsistent, but always under the impact of natural limits and "universal connectivity" as a dominant free good in the Fourth Industrial Revolution. The above requires the implementation of the circular model of growth and heterodox economic policy platform. To make the transition to a new system efficient, funding of this endeavor should be of paramount interest. Following the previous line of reasoning, the material is organized in six parts, besides Introduction and Conclusion. The Part 1 is dedicated to the necessity for a fully radical change to mitigate the structural crisis and to set up a new conceptual platform for sustainable and inclusive growth. The Part 2 is focused on the fault lines of the neoliberal economic policy platform, confirming that this platform cannot provide the conceptual base for economic policies during the system change. The Part 3 proposes the green transition as a solution to the aforementioned problems. To invigorate a greener economy, the Part 4 is suggesting the new ways of financing as a smart enough pivot. The Part 5 discusses the transition toward a greener economy as a challenging response to the current economic situation in Serbia. The Part 6 is focused on the necessity for the accreditation of the green transition program for Serbia.

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“…58 Quite unlike neoclassical economics' aversion to (explicit) normative moral guidance in economic activity, such economics of wellbeing must be underpinned by clear ethical and moral principles, 68 in some ways returning economics to the much clearer relationship that "classical" economics enjoyed with moral philosophy before the 20th century. 23,69 This is particularly important because, as Mutari argues, economic theory is performative; economic theory shapes economic reality, and allegedly descriptive assumptions become prescriptions for policy. 60 The development of a wellgrounded theory (both technically and ethically) of wellbeing economics therefore offers the chance to break the stranglehold of inadequate and defective neoclassical theory.…”

Section: The Capabilities Approach and Wellbeing Economicsmentioning

confidence: 99%

The economics of the wellbeing economy: Understanding heterodox economics for health‐in‐all‐policies and co‐benefits

Hensher

2023

Health Prom J of Aust

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Issue Addressed The “wellbeing economy” represents a significant departure from the orthodox, neoclassical economic model of rational, utility‐maximising individuals embedded in a growth economy. Emerging approaches to the wellbeing economy draw heavily upon insights from a range of heterodox schools of economic thought; these schools differ in many respects, but all share the central common insight that the economy is best conceived as a social provisioning system for humanity's needs. Methods This narrative review introduces and summarises key dimensions of a number of these heterodox economic approaches, all of which have had or are likely to have significant implications for wellbeing economics. Their relationship with wellbeing and their resulting approaches to public policy and the Health‐in‐All Policies (HiAP) approach is described and explored. Results The schools of heterodox economic thought which have had the most impact on the development of approaches to the “wellbeing economy” include ecological economics (including both post‐growth and degrowth economics), feminist economics, and modern monetary theory. Recent developments in the economics of inequality and institutional economics have also been of significance. Yet HiAP approaches represent an attempt to incorporate consideration of health consequences within public policy processes inside the neoclassical economics paradigm, reflecting the reality that social and economic forces are typically the most important determinants of health. WHO's new Health For All approach draws much more directly on the heterodox economics that underpins wellbeing economy thinking. Conclusions Wellbeing economics offers many attractive features for HiAP—but may not achieve its full potential within conventional economic policy paradigms. Calls to replace cost–benefit analysis with “co‐benefit” analysis are attractive, but face strong practical obstacles. Meanwhile, strong countervailing forces and interests might still thwart achieving the broader goals of wellbeing economics. So What? Operationalising “wellbeing economy” thinking requires a clear understanding of heterodox economics, and how they can be incorporated into more formal economic analysis. It remains to be seen if HiAP is the right tool by which to implement the new Health For All approach.

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Mariana Mazzucato, The Value of Everything: Making and Taking in the Global Economy

Cited by 20 publications

References 0 publications

Freedom at, through and from work: Rethinking labour rights

Freedom at, through and from work: Rethinking labour rights

How a structural crisis is flipping the economic script and calling for the green transition in Serbia

The economics of the wellbeing economy: Understanding heterodox economics for health‐in‐all‐policies and co‐benefits

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