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Government partnership with big business created the internet and cell phones — an economist says it can deliver a new generation of innovations, too

5 26 15
15.05.2021

When you trim away all the complications and high-minded theories, the single mission statement of an economy under capitalism is to grow. We say an economy is healthy when it's adding jobs, productivity, and profits, and we say an economy is sick when it's contracting, losing jobs, and failing to hit profitability markers.

But shouldn't we expect more than aimless growth from an economy? Shouldn't our economy reward growth in sectors that would benefit everyone — environmental science, say — and discourage growth in sectors that harm the public good, such as the privatization of our water supply?

Government is supposed to be a counterweight on the economy's untapped growth. Regulations, tax credits, and other incentives are supposed to encourage beneficial growth and discourage the harm produced by unfettered capitalism. But over the last four decades, the government has largely abdicated itself from the regulatory role, giving companies free license to blindly pursue growth for growth's sake.

In this week's episode of "Pitchfork Economics," economics professor Mariana Mazzucato discusses her new book "Mission Economy: A Moonshot Guide to Changing Capitalism." Her goal with the book........

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