UCL Institute for Innovation and Public Purpose


Mariana Mazzucato

Mariana Mazzucato (PhD) is Professor in the Economics of Innovation & Public Value at University College London (UCL), she is the Founding Director of the UCL Institute for Innovation & Public Purpose

Mariana Mazzucato
She is winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matthöfer-Preis, the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought and the 2019 All European Academies Madame de Staël Prize for Cultural Values.  She was named as one of the '3 most important thinkers about innovation' by the New Republic, and is on The Bloomberg 50 list of ‘Ones to Watch’ for 2019.

Her highly-acclaimed book The Entrepreneurial State: debunking public vs. private sector myths (2013) investigates the role of public organizations in playing the ‘investor of first resort’ role in the history of technological change.  Her 2018 book The Value of Everything: making and taking in the global economy (2018) brings value theory back to the center of economics in order to reward value creation over value extraction. It was a 2018 Strategy & Business Book of the Year and was shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year prize.

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.
She advises policy makers around the world on innovation-led inclusive growth and is currently a member of the Scottish Government’s Council of Economic Advisors; the UN’s Committee for Development Policy (CDP), the Leadership Council of the Sustainable Development Solutions Network (SDSN), SITRA’s Advisory Panel in Finland, and Norway’s Research Council.  She is currently a Special Advisor for the EC Commissioner for Research, Science and Innovation, Carlos Moedas, and is author of the high impact EC report on Mission-Oriented Research & Innovation in the European Union.  
BBC Newsnight
the labour manifesto launch

BBC Newsnight, 21 November

The bloomberg 50

Bloomberg, 2018

View more in the media

Selected Publications

For a full list of publications visit Professor Mazzucato's 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., & Kattel, R. (2018). "Mission-orientated innovation policy and dynamic capabilities in the public sector." Industrial and Corporate Change, http://dx.doi.org/10.1093/icc/dty032
  • 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): 55-8