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Download The Value of Everything kindle ï 384 pages ☆ naturaltreatment ´ Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight In modern capitalism value extraction the siphonWho really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight In modern capitalism value extraction the siphoning off of profits from shareholders' dividends to bankers' bonuses is rewarded highly than value creation the productive process that drives a healthy economy and soc Mazzucato's observations and conclusions won't surprise readers who've read than one or two works of contemporary critical theory But the fact that she is writing in a different register and for a largely different audience matters a great deal in this case and I found the book very rewarding and even rather moving in her concluding call for an economics of hope
The Value of Everything Who Makes and Who Takes from the Real EconomyWho really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight In modern capitalism value extraction the siphoning off of profits from shareholders' dividends to bankers' bonuses is rewarded highly than value creation the productive process that drives a healthy economy and soc Mazzucato's observations and conclusions won't surprise readers who've read than one or two works of contemporary critical theory But the fact that she is writing in a different register and for a largely different audience matters a great deal in this case and I found the book very rewarding and even rather moving in her concluding call for an economics of hope
text Þ Who Makes and Who Takes from the Real Economy Ò Mariana Mazzucato
The Value of Everything: Who Makes and Who Takes from the Real Economy Ô It we urgently need to rethink where wealth comes from Who is creating it who is extracting it and who is destroying it? Answers to these uestions are key if we want to replace the current parasitic system with a type of capitalism that is sustainable symbiotic that works for us all The Value of Everything will reignite a long needed debate about the kind of world we really want to live in The value of everything by Mariana Mazzucato is about value creation and value extraction making versus taking which is a subtitle of the book We currently have corporate governance structures which are very much not just aimed at short termism but actually very much centred around extracting value The book talks about particular practices of value extraction for example the increasing practice of just buying back your own shares to boost your share price or options and unsurprisingly executive payThe book also opens polemics with narratives and lazy assumptions that are used all the time that wealth is created in business and then at best what government can do is facilitate it and redistribute that value through taxation Mariana on the other hand argues that the value creation process is a collective creation and of course labour creates value different types of state entities create value businesses create value and of course civil society creates value We would not have weekends and we would not have an eight hour workday without trade unions In this concept of different actors comes together to co create value and undoubtedly have conflict in the process This should be at the heart of any progressive agenda She also argues that the financial sector and the Silicon Valley seen as great wealth creators are often just shuffling around existing value or even worse destroying itAnyway the book provides a good storyline of where does value come from in different ages and gives a great analysis of how these concepts interlink Mariana explains a change in the understanding of the value and how it affects the way we see things In the 1600s we had Mercantilists who created value by trade focusing on the terms of trade on exchange rates and taxation They thought it was trade itself that created value and that’s why they put so much emphasis on that Then in 1700s Physiocrats opted for farming It was still before the industrial revolution in an agricultural society so at the heart of their theory of value was in fact farm labour In the next century Classicals like Adam Smith and Karl Marks were starting to put emphasis on value as embodied in the industrial environment in the working process They tried to understand if you like to read my full review please visit my blog text Þ Who Makes and Who Takes from the Real Economy Ò Mariana Mazzucato
Mariana Mazzucato Ò The Value of Everything: Who Makes and Who Takes from the Real Economy eBook
Mariana Mazzucato Ò The Value of Everything: Who Makes and Who Takes from the Real Economy eBook Iety We misidentify takers as makers and have lost sight of what value really means Once a central plank of economic thought this concept of value what it is why it matters to us is simply no longer discussedYet argues Mariana Mazzucato in this penetrating and passionate new book if we are to reform capitalism to radically transform an increasingly sick system rather than continue feeding A very disappointing book Since it was billed as a refreshing alternative to free market capitalism I was excited to see an academic take on what sustainable left leaning policies look like rather than the typical left wing media take that relies heavily on moral obligations but fails to offer practical alternativesMazzucato does offer a plausible criticism of modern economics although I have little experience with economics so am not in much of a position to criticise the role of value is underestimated leading to a universal misinterpretation of the role of government in the economy As an economics professor you would expect her economic analysis to be sound but of course there will be little popular interest in a book about economic technicalities this is no bad thing but I sense mazzucato's interest is reaching outside of the economic sphereUnfortunately her grasp of business and finance is much weaker than of economics and relies heavily on the tropes of left wing media Executive pay is offensive bankers used in the confused collective sense of anyone working in the financial industry serve no purpose and earn too much money the poor government is naively taken advantage of by rapacious entrepreneurs and big pharma lobbyists Of course there is a certain amount of truth behind each of these perspectives but to use these as proof of a broken system strikes me as a lazy straw man argument which is repeated through all the central chapters of the book The issue is that often these are topics that are regularly debated within the business world and there are good arguments to be made on each side of the argument But to present such issues to the public which ultimately is the point of targeting this book towards a popular audience without even mentioning the commonly made counter arguments is remarkably shoddy academic practice An example the author heavily criticises the practice of share buybacks This is a valid argument to be had and is discussed within financial circles for instance Matt Levine at Bloomberg writes about this regularly Mazzucato explains that share buybacks are purely a way for executives to boost their pay rather than reinvest in their industry; while this may be a reason for the practice it is uite ridiculous to suggest that it is the primary motivation The problem is that if Mazzucato were to expand on the normal reasons for companies to buy back their shares she would reveal a fundamental contradiction in her arguments firms have too much power to choose where investment is made but are then criticised for returning shareholder money to allow the shareholders to choose where further investment should be made It's not that I don't think she has a point it's just that you can't make a decent argument if you create a straw man to argue againstIt is a shame that the middle chapters of the book are marred by this kind of rhetoric because it detracts from the whole point of the enterprise The opening and closing chapters are often great but Mazzucato reveals either a fundamentally weak understanding of business or the type of selective disclosure that we expect from partisan newspaper columnists This begs the uestion what is the point of this book? The economics part is interesting but technical and is suited to an academic paper rather than a 'popular' book; the remaining criticisms of capitalism are generic and unoriginal and fail to provide the academic rigour that the book promises to deliver I am generally left leaning and I really hoped that this book could offer a plausible economics to counter the ineualities of free market capitalism However if the book failed to convince me actively wanting to be convinced how can the author expect to enact any actual reform?