Eighteenth-century philosopher Adam Smith, the father of market economics, wrote about how different economic and business activities contribute to countries’ overall well-being. But modern-day neoclassical economics has largely sidelined this scrutiny to focus on market price as the only measure of value, according to professor Mariana Mazzucato. In this perceptive work, she details how the dichotomy between price and value leaves society at the mercy of “value extractors” and places the social good on a back burner. Her thought-provoking writing will engage readers concerned about the path of economies in contemporary times.
About the Author
Mariana Mazzucato is an economics professor at University College London. The author of The Entrepreneurial State, she was named one of the “three most important thinkers about innovation” by The New Republic.
Comment on this summary
11 months agoFinally an insight that value and price are not always either equal or linked.