UCL Institute for Innovation and Public Purpose


Mariana Mazzucato

Professor Mariana Mazzucato (PhD) is Director of the UCL Institute for Innovation & Public Purpose (IIPP) and holds the Chair in the Economics of Innovation and Public Value.

Mariana Mazzucato

Professor Mariana Mazzucato (PhD) holds the Chair in the Economics of Innovation and Public Value and is Founder and Director of the Institute for Innovation and Public Purpose (IIPP), University College London (UCL). She previously held the RM Phillips Chair at SPRU, University of Sussex and has held academic positions at the University of Denver, the London Business School, Bocconi University and the Open University.

Her research focuses on the relationship between financial markets, innovation, and economic growth—and how to ensure smart, innovation-led growth is also more inclusive and sustainable. She is particularly interested in rethinking the way in which public and private actors can work together more symbiotically, and how public investments can be directed at cross-sectoral ‘missions’ that require bottom up experimentation.   

Her highly acclaimed book, first published in 2011, The Entrepreneurial State: Debunking public vs private sector myths (Anthem, 2013; US edition, Public Affairs, 2015) was on the Financial Times2013 Books of the Year list. It focuses on the need to develop new frameworks to understand the role of the state in economic growth—and how to enable rewards from innovation to be just as ‘social’ as the risks taken.

Her latest book The Value of Everything: Making and Taking in the Global Economy, was published by Penguin (Allen Lane) in April 2018, and was longlisted for the 2018 Financial Times and McKinsey Business Book of the Year.

She is co-editor of Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth (Wiley Blackwell, July 2016).

Mariana Mazzucato speaks on new book about the concept of value as part of our public lecture series Rethinking Public Value and Public Purpose in 21st-Century Capitalism.

Professor Mazzucato is winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matthöfer-Preis; and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. In 2013 she was named as one of the '3 most important thinkers about innovation' in the New Republic.

She has advised policy makers around the world on innovation-led growth and is currently a member of the Scottish Government’s Council of Economic Advisors; a member of the United Nations Sustainable Development Solutions Network Leadership Council, and SITRA’s (the Finnish Innovation Fund) Advisory Panel.  She is currently Special Advisor for the EC Commissioner for Research, Science and Innovation, Carlos Moedas.

Her recent research includes projects funded by the European Commission, the Open Society Foundations, the Ford Foundation, the Institute for New Economic Thinking, and work commissioned by NASA, the European Space Agency and the Brazilian Ministry for Science and Technology. Between 2009-2012 she was the scientific director of a large 3-year European Commission FP7 funded project on Finance, Innovation and Growth (FINNOV).

Her research outputs, media engagement (including articles in the Financial Times, Time Magazine, the New York Times, the Guardian and Foreign Affairs), and talks (including her TED Global talk), can be found on her website.

Watch her recent talk at the British Library on new book The Value of Everything, part of our lecture series on public value.

YouTube Widget Placeholderhttps://youtu.be/ZUQgvhxMQOQ

Jayati Ghosh, Stephanie Kelton, Mariana Mazzucato and Carlota Perez, 2018

Selected Publications

For a full list of publications visit her UCL profile.

  • Mazzucato, M. (2018), The Value of Everything - making and taking in the global economy, Penguin, Allen Lane-Penguin: London, UK
  • Jacobs, M. and Mazzucato, M. Eds (2016), Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth, Wiley-Blackwell, London, ISBN: 978-1-119-12095-7
  • Mazzucato, M. (2013), The Entrepreneurial State: debunking public vs. private sector myths, Anthem Press: London, UK, ISBN 9780857282521, US edition (Public Affairs) and translated into Italian (Laterza), German (Kunstmann), Spanish (RBA Books), Portuguese (Companhia Das Letras), Dutch (Nieuw Amsterdam), Greek (Kritiki), and forthcoming in Chinese, Japanese, Korean,and Polish.
  • Mazzucato, M., Lowe, J., Shipman, A. and Trigg, A. (2010), Personal Investment: financial planning in an uncertain world, Palgrave Macmillan: Basingstoke, UK, ISBN 978-0-230-24660-7:1-448
  • Mazzucato, M. and Dosi, G. (eds.) (2006), Knowledge Accumulation and Industry Evolution: pharma-biotech, Cambridge University Press: Cambridge, UK, ISBN 0-521-85822-4: 1-446
  • Mazzucato, M. (ed.) (2002), Strategy for Business, a Reader, Sage Publications: London, UK, ISBN 0-7619-7413-X: 1-378
  • Mazzucato, M. (2000), Firm Size, Innovation and Market Structure: the evolution of market concentration and instability, Edward Elgar: Northampton, MA, USA, ISBN 1-84064-346-3: 1-138
Journal articles (peer reviewed)


  • Mazzucato, M. and Robinson, D. (2017) “Co-creating and directing innovation ecosystems: NASA’s approach to public-private partnerships in low-Earth orbit “,Technological Forecasting and Social Change, https://doi.org/10.1016/j.techfore.2017.03.034  
  • Mazzucato, M. and Semieniuk, G (2017) “Financing renewable energy: who is financing what and why it matters”, forthcoming in Technological Forecasting and Social Change, also SPRU working paper version https://www.sussex.ac.uk/webteam/gateway/file.php?name=2016-12-swps-mazzucato-et-al.pdf&site=25
  • 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-...
  • Mazzucato, M. and Penna, C. (2016) “Beyond market failures: the market creating and shaping roles of state investment banks”, Journal of Economic Policy Reform, 19(4): 305-326, SPRU working paper version http://www.sussex.ac.uk/spru/documents/2014-21-swps-mazzucato-and-penna.pdf
  • Mazzucato  M. (2016) "From Market Fixing to Market-Creating: A new framework for innovation policy",  Special Issue of Industry and Innovation: “Innovation Policy – can it make a difference?”, 23 (2)
  • Mazzucato, M. and Parris, S. (2014), “High Growth Firms in Changing Competitive Environments: the US Pharmaceutical industry” Small Business Economics Journal, 44(1): 145-170Mazzucato, M. (2013) “Debunking the market mechanism: a response to John Kay”, Political Quarterly84 (4): 444–447
  • Mazzucato, M. and Shipman, A. (2014), “Accounting for productive investment and value creation,” Industrial and Corporate Change, 23(1): 1-27.
  • Lazonick, W., Mazzucato, M., and Tulum, O. (2013) “Apple's Changing Business Model: What Should the World's Richest Company Do with All Those Profits?” Accounting Forum. 37: 249-267
  • Mazzucato, M. (2013), “Financing innovation: creative destruction vs. destructive creation,” in special issue of Industrial and Corporate Change, M. Mazzucato (ed.), 22(4): 851-867
  • Lazonick, W. and Mazzucato, M. (2013), “The risk-reward nexus in the innovation-inequality relationship: Who takes the risks? Who gets the rewards?,” in special issue of Industrial and Corporate Change, M. Mazzucato (ed.), 22(4):1093-1128
  • Mazzucato, M. and Tancioni, M. (2012), “R&D, patents and stock return volatility,” Journal of Evolutionary Economics, 22:4: 811-832
  • Demirel, P. and Mazzucato, M. (2012), “Innovation and firm growth: is R&D worth it?” Industry and Innovation, 19(2)
  • Demirel, P. and Mazzucato, M. (2010), “The evolution of firm growth dynamics in the US pharmaceutical industry,” Regional Studies, 44(8): 1053-1066
  • Mazzucato, M. and Tancioni, M. (2008), “Innovation and idiosyncratic risk: an industry and firm level analysis,” Industrial and Corporate Change, 17(4): 779-811
  • Mazzucato, M (2006), “Innovation and Stock Prices,” Revue de L’Observatoire Français de Conjonctures Economiques,” Special Issue on Industrial Dynamics, Productivity and Growth
  • Mazzucato, M. and Tancioni, M. (2005), “Indices that capture creative destruction: questions and implications,” Revue d’Economie Industrielle, 110 (2nd translation): 199-218
  • Mazzucato, M. (2003) “Risk, variety and volatility: innovation, growth and stock prices in old and new industries,” Journal of Evolutionary Economics, 13(5): 491-512
  • Geroski, P. and Mazzucato, M. (2002), “Learning and the sources of corporate growth,” Industrial and Corporate Change, 11(4): 623-644
  • Mazzucato, M. (2002), “The PC industry: new economy or early life-cycle,” Review of Economic Dynamics, 5:2: 318-345
  • Geroski, P. and Mazzucato, M. (2002), “Myopic selection and the learning curve,” Metroeconomica, 53(2): 181-199 
  • Mazzucato, M. and Semmler, W. (2002), “The determinants of stock price volatility: an industry study,” Nonlinear Dynamics, Psychology, and Life Sciences, 6(2): 230-253
  • Mazzucato, M. (2002), “Innovation, organization and economic dynamics,” (Review Article) Journal of Economic Behavior and Organization, 47:3: 335-341
  • Geroski, P. and Mazzucato, M. (2002), “Modelling the dynamics of industry populations,” International Journal of Industrial Organization, 19(7): 1003-1022  
  • Mazzucato, M. (2000), “Firm size, innovation, and market share instability: the role of negative feedback and idiosyncratic events,” Advances in Complex Systems, 3(1-4): 417-431
  • Mazzucato, M. and Semmler, W. (1999), “Stock market volatility and market share instability during the US automobile industry life-cycle,” Journal of Evolutionary Economics, 9(1): 67-96
  • Mazzucato, M. (1998), “A computational model of economies of scale and market share instability,” Structural Change and Economic Dynamics, 9(1): 55-83