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Who really creates wealth in our world? And how do we determine the value of what they do?
Economics is built on the concept of ‘value’, but what if we have lost sight of what this really means? In this RSA talk, renowned economist Mariana Mazzucato urges us to reconsider where wealth really comes from, and how we determine value in our economy. At the heart of the crisis in modern capitalism, she says, lies the blurred line between ‘taking’ and ‘making’; those who merely extract value are rewarded more highly than those who create it, generating perverse incentives and stifling a productive, healthy economy and society. In order to replace this broken system with a more sustainable, symbiotic capitalism, we must reconsider fundamental assumptions about what we value.
Our entire social system is in urgent need of renewal. Across the political spectrum we need to develop a much clearer account of how we reform and revitalise the three foundations of a liberal society – the state, the market and civil society – while recognising how these systems interact.
The RSA and the University of Bath are partnering on a series of essays and events to interrogate the choices ahead, if we are to design a progressive modern agenda that responds to the rapid changes that have swept through society - and delivers for the common good.
Read Matthew Taylor’s essay “Reprogramming the Future”