Interview with Mariana Mazzucato by Mariana Mazzucato

This week, PS speak with Mariana Mazzucatoprofessor of economics of innovation and public value at University College London, founding director of the UCL Institute for Innovation and Public Purpose and author of Mission Economy: A Moonshot Guide to Changing Capitalism.

Project union: In June 2020, you and Robert Skidelsky lamented that despite the massive deployment of emergency funding during the pandemic, there was “little evidence” of new budget thinking, as spending was not “structured”. Do recent US spending laws, the CHIPS and Science Act and the Inflation Reduction Act, reflect progress in “rethinking the role and purpose of fiscal policy”?

Mariana Mazzucato: According to RMI Analytics, US President Joe Biden’s Big Three Acts – the two you mention and the Infrastructure Investment and Jobs Act – will more than triple average annual federal government spending on climate and climate change. clean energy during this decade, compared to the 2010s. They thus represent a crucial opportunity to promote a just green transformation.

But these predictions are based on the assumption that green investment trends remain on their current trajectory. And as the recent increase in investment in coal and natural gas – a response to the energy crisis triggered by the war in Ukraine – shows, investment trends can be volatile. If the potential of recent US legislation is to be realized, then the government must set bold policy goals, including ensuring that relevant investment returns are shared equitably.

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