2019/01/31 Mariana Mazzucato, “The value of everything: rediscovering purpose in the economy”, Blavatnik School of Government (web video)

We should be more vigourous, says @MazzucatoM , in debating differences between value extraction and value creation, and between profits and rents.

Mariana Mazzucato, “The Value of Everything: Rediscovering Purpose in the Economy“, Blavatnik School of Government

[20:55] What I tried to do in the book was to bring these problems back to some fundamental debates that occurred in economics, which weren’t just lost over time, but kind of moved over thinking “oh that’s just kind of old style”, you know, “it’s just the classical economist who talked about value”.

[21:15] ” Now let’s actually just kind of confront more interesting questions” But literally the word “value” kind of went missing from economics departments. You don’t have textbooks as we used to have, even in the mainstream economics tradition, that even had that word kind of “value”. What is value, and then big debates about that.

[21:34] What I argue is that when we kind of allowed this concept of value to leave economics departments, and simply to go to business schools where the word is everywhere — think of it — shareholder value, shared value, Michael Porter’s very important work “value chains”. When that concept left economics departments and went to business schools, it — I don’t know how many business school people are here — it kind of became more flakey and fuzzy.

[22:02] And let me just say that in a kind of facetious way, but also in the process, made it less contested, less debated, within sort of the heart of economic reasoning and economic debates, and in the process made it much easier to extract value in the name of value creation because, what is valued?

[22:21] Right. So when you’re taught to Micro 101 and you’re taught you know things around the production function and marginal productivity and marginal utility, you’re not told “this is one particular theory of value and then we’ll learn other ones”. It’s just taught as Micro 101.

[22:37] So, when it’s not contested, it becomes much harder to do things which, in the past, were done like debating: well, what’s the difference between profits and rents? What is the difference between value extraction and value creation ? What happens when we reward value extraction over value creation?

[22:54] Do we get value destruction? But even just really simply, what is the difference between profits and rents?

[23:01] And I thought it was very interesting — and going back into the literature, it’s also to be reminded that Plato himself — smart guy — kind of often said in different ways, that story tellers ruled the world.

[23:11] And what I want to argue is that many of those four problems, that I talked about in the beginning, have in some ways been — how do you say — nurtured by the fact that the stories that are being told about where wealth creation comes from and where value creation comes from has been — if you want, captured — because it is not again in the active discourse of how we think about the economy

Source: Mariana Mazzucato | “The value of everything: rediscovering purpose in the economy” | January 31, 2019 |Blavatnik School of Government, University of Oxford, at https://www.youtube.com/watch?v=lCLSvojyJoI

About

David Ing blogs at coevolving.com , photoblogs at daviding.com , and microblogs at http://ingbrief.wordpress.com . A profile appears at , and an independent description is on .

Tagged with: , , , ,
Posted in Talk Video Streaming

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Translate
Beyond this media queue
This content is syndicated to Twitter. For professional perspectives, look to Coevolving Innovations; for a photoblog, look to Reflections, Distractions.
  • How do Systems Changes become natural practice?
    The fourth of four lectures for the Systemic Design course at OCADU SFI focused on (a) situated practice + history-making (reframing disclosing new worlds), and on (b) commitments and the language-action perspective (applying conversations for action).
  • Whom, when + where do Systems Changes situate?
    The third of four lectures for the Systemic Design course at OCADU covered value(s), the science of service systems, and the socio-technical systems perspective.
  • Why (Intervene in) Systems Changes?
    A lecture on ecological systems for the OCADU SFI master's program opened up opportunities to discuss wei and wuwei, and get beyond an anthropocentric perspective the Canadian beaver in its habitat.
  • Are Systems Changes Different from System + Change?
    The second session of the Systemic Design course in the OCADU SFI master's program was an opportunity to share the current state of knowledge on Systems Change, in light of recent interest in Systems Change and Theory of Change.
  • Ecology and Economy: Systems Changes Ahead?
    A workshop with David L. Hawk at the CANSEE meeting in May 2019 led to an invitation to publish an article, "Ecology and Economy: Systems Changes Ahead?" in WEI Magazine.
  • Open Learning Commons, with the Digital Life Collective
    Questions about governance of online social communities led to launching on the Open Learning Commons and the Digital Life Collective, while issues of content moderation on a Facebook Group has reignited.
  • 2020/02 Moments February 2020
    Winter has discouraged enjoying the outside, so more occasions for friend and family inside.
  • 2020/01 Moments January 2020
    Back to school, teaching and learning at 2 universities.
  • 2019/12 Moments December 2019
    First half of December in finishing up course assignments and preparing for exams; second half on 11-day family vacation in Mexico City.
  • 2019/11 Moments November 2019
    Wrapped up paperwork on closing out family buildings in Gravenhurst, returned to classes and technical conferences in usual pattern of learning.
  • 2019/10 Moments October 2019
    Tightly scheduled weekdays at Ryerson Chang School, weekends in Gravenhurst clearing out family building as we're leaving the town permanently.
  • 2019/09 Moments September 2019
    Full month, winding down family business in Gravenhurst, starting Ryerson Chang certificate program in Big Data, with scheduled dinners with family and friends.
  • Plans as resources for action (Suchman, 1988)
    Two ways of thinking about practice put (i) “plans as determinants of action”, and (ii) “plans as resources for action”. The latter has become a convention, particularly through research into Human Computer Interaction (HCI) and Computer Supported Collaborative Work (CSCW). While the more durable explanation appears the Suchman (1987) book (specifically sect […]
  • The best time to plant a tree was twenty years ago
    Does “the best time to plant a tree was twenty years ago and the second best time is now” date back further than 1988? It is time to look long and hard at the value of the urban forest and create the broad-based efforts — in research, funding and citizen participation — needed to improve […]
  • 2019/11/05 13:15 “Barriers to Data Science Adoption: Why Existing Frameworks Aren’t Working”, Workshop at CASCON-Evoke, Markham, Ontario
    Workshop led by @RohanAlexander and @prof_lyons at #CASCONxEvoke on "Barriers to Data Science Adoption: Why Existing Frameworks Aren't Working". For discussion purposes the challenges are grouped within three themes: regulatory; investment; and workforce.
  • Own opinion, but not facts
    “You are entitled to your own opinions, but not to your own facts” by #DanielPatrickMoynihan is predated on @Freakonomics by #BernardMBaruch 1950 “Every man has a right to his own opinion, but no man has a right to be wrong in his facts”. Source: “There Are Opinions, And Then There Are Facts” | Fred Shapiro […]
  • R programming is from S, influenced by APL
    History of data science tools has evolved to #rstats of the 1990s, from the S-Language at Bell Labs in the 1970s, and the
  • Bullshit, Politics, and the Democratic Power of Satire | Paul Babbitt | 2013
    Satire can be an antidote, says Prof. #PaulBabbitt @muleriders , to #bullshit (c.f. rhetoric; hypocrisy; crocodile tears; propaganda; intellectual dishonesty; politeness, etiquette and civility; commonsense and conventional wisdom; symbolic votes; platitudes and valence issues).
Contact
I welcome your e-mail. If you don't have my address, here's a contact page.
%d bloggers like this: