UCL economics experts advising Canada’s British Columbia government
24 June 2021
Professor Mariana Mazzucato and experts from the UCL Institute for Innovation & Public Purpose (IIPP) are set to advise the Government of British Columbia (B.C.), Canada, on the future of its economy post-pandemic.
The UCL team will work in consultation with the B.C. government as it develops its plan to build a sustainable, inclusive and innovative economy. The government will also seek input from B.C. business groups, labour organisations, indigenous communities, post-secondary institutions, not-for-profit organisations, local governments and the public.
Professor Mazzucato (UCL IIPP) said: “Governments have a critical role to play in shaping markets, not just fixing market failures. Responding after a failure has occurred is, by definition, too late – and often carries a high financial and human cost, as we have seen with Covid-19 and the 2008 financial crisis.
“As the Province of B.C. advances its economic recovery agenda, it has the opportunity to shape a different kind of economy – one that is sustainable, inclusive, resilient and oriented around solving problems that matter to people and planet.”
Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation, said: “The pandemic challenged B.C. in ways we never imagined. It brought out the very best in us as British Columbians, but it also shined a light on the historic gaps we see in our province.
“But with better days around the corner, we are also turning our minds and our hearts to the kinds of stronger B.C. that we want for ourselves and future generations. B.C. has weathered the storm better than most jurisdictions, thanks to our strong economic foundation, but there is more work to be done. Our economic plan will be our roadmap to ensuring B.C.’s long-term economic prosperity and I am pleased to have Professor Mazzucato advising me and government on this critical work.”
The team will also advise the Province on aligning public-sector capabilities, financing mechanisms and citizen engagement with a new mission-oriented innovation strategy for building an inclusive and sustainable economy.
The consultation process has begun, with the economic plan expected to be released in autumn 2021.
- Professor Mariana Mazzucato’s academic profile
- UCL IIPP
- The Bartlett, UCL Faculty of the Built Environment
Tel: +44 (0)20 3108 6995
Email: k.corry [at] ucl.ac.uk