Mariana Mazzucato, winner of the inaugural prize.
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Mariana Mazzucato wins the New Statesman SPERI prize for political economy

Mazzucato wins the inaugural prize for her work on the “entrepreneurial state” and innovation in the public sector.

Mariana Mazzucato, of the Science Policy Research Unit (SPRU) at the University of Sussex, has been awarded the inaugural New Statesman SPERI prize in political economy.

The prize was launched this year by the New Statesman magazine and the Sheffield Political Economy Research Institute (SPERI) at the University of Sheffield.

The Prize will be awarded biennially to the scholar who has succeeded most effectively in disseminating original and critical ideas in political economy to a wider public audience over the preceding two or three years.

The shortlist for the prize contained some of the most innovative and exciting thinkers in political economy working today. The nominees were: Ha-Joon Chang (University of Cambridge); Mariana Mazzucato (University of Sussex); Thomas Piketty (Paris School of Economics); Wolfgang Streeck (Max Planck Institute, Cologne); Anne Wren (Trinity College, Dublin); and Simon Wren-Lewis (University of Oxford).

The Prize Jury was Helen Lewis, Deputy Editor of the New Statesman; George Eaton, Political Editor of the New Statesman; Professor Tony Payne, Director of SPERI; Professor Andrew Gamble, Professor of Politics at the University of Cambridge and Chair of the International Advisory Board of SPERI; Sarah O’Connor, Economics Correspondent at the Financial Times; and Gavin Kelly, Chief Executive of The Resolution Foundation.

In their announcement of the shortlist, the jury said of the winner: “Mariana Mazzucato is a professor in the economics of innovation at the University of Sussex.  She is an accomplished broadcaster and writer, and her 2013 book The Entrepreneurial State contained a wealth of examples showing how the state – not just the private sector – could foster innovation.  The judges praised the originality of her thinking, her willingness to challenge the conventional wisdom and her capacity to take her arguments forward with gusto.”

Helen Lewis, Deputy Editor of the New Statesman, added: “Mariana Mazzucato is one of the most engaging and interesting thinkers currently working in the field of political economy. Her work on the entrepreneurial state and smart growth is required reading for anyone working in economic policy-making.”

Professor Tony Payne, Director of SPERI, noted: “Mariana Mazzucato is a fabulous first winner of this new Prize.  She fulfils the criteria that describe the prize to the letter.”

Professor Mazzucato said: “I am honoured and delighted to receive the New Statesman SPERI prize, especially given the high calibre of the shortlist.  I hope it will help focus attention on the urgent need to tackle rising inequality.  This is not just about tax: we need to fundamentally rethink how we talk about wealth creation. Ignoring the key role of the state – or the tax payer – in wealth creation has, in my view, been a lead cause of inequality, allowing some (hyped up) actors to reap a rate of return way beyond their actual contribution.  My Prize Lecture will focus on this dysfunctional dynamic – and what to do about it.”

Professor Mazzucato will deliver the New Statesman SPERI Prize Lecture at the Emmanuel Centre in London at 6.30pm on Thursday 13 November. Its title will be: “Smart growth: an innovative way to tackle inequality”. The lecture is free but places are limited and will be allocated on a first-come, first-served basis - please register here.

 

Notes for editors:

Mariana Mazzucato (PhD) holds the prestigious RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex. Previously she has held academic positions at the University of Denver, London Business School, Open University, and Bocconi University. Her research focuses on the relationship between financial markets, innovation, and economic growth--at the company, industry and national level. Between 2009-2012 she directed a large 3 year European Commission FP7 funded project on Finance and Innovation (FINNOV); her current project on Financing Innovation is funded by the Institute for New Economic Thinking (INET); and her project on Finance and Mission Oriented Investments is funded by the Ford Foundation's Reforming Global Financial Governance initiative. Her new book The Entrepreneurial State: debunking private vs. public sector myths (Anthem, 2013)--on the 2013 Books of the Year list of the Financial TimesForbes and the Huffington Post--focuses on the need to develop new frameworks to understand the role of the state in economic growth—and how to enable rewards from innovation to be just as ‘social’ as the risks taken. In 2013 the New Republic called her one of the '3 most important thinkers about innovation'. She advises the UK government and the EC on innovation-led growth. Her research outputs, media engagement, and talks (including her TED Global talk), can be found on her website.  

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Will the Brexit Cabinet talks end in a “three baskets” approach?

The joy of the three baskets idea is that everyone gets to tell themselves that it will be their basket that ends up the fullest. 

It's decision day in the Brexit talks. Again.

The Brexit inner Cabinet will meet to hammer out not its final position, but the shape of its negotiating position. The expected result: an agreement on an end state in which the United Kingdom agrees it will follow EU regulations as it were still a member, for example on aviation; will agree to follow EU objectives but go about them in its own way, for example on recycling, where the British government wants to do more on plastic and less on glass; and finally, in some areas, it will go its way completely, for instance on financial services. Or as it has come to be known in Whitehall, the "three baskets" approach.

For all the lengthy run-up, this bit isn't expected to be difficult: the joy of the three baskets idea is that everyone gets to tell themselves that it will be their basket that ends up the fullest. There are two difficulties: the first is that the EU27 won't play ball, and the second is that MPs will kick off when it emerges that their preferred basket is essentially empty.

The objections of the EU27 are perhaps somewhat overwritten. The demands of keeping the Irish border open, maintaining Europol and EU-wide defence operations means that in a large number of areas, a very close regulatory and political relationship is in everyone's interests. But everyone knows that in order for the Conservative government to actually sign the thing, there is going to have to be some divergence somewhere.

The bigger problem is what happens here at home when it turns out that the third basket - that is to say, full regulatory autonomy - is confined to fishing and the "industries of the future". The European Research Group may have a few more letters left to send yet.

Stephen Bush is special correspondent at the New Statesman and the PSA's Journalist of the Year. His daily briefing, Morning Call, provides a quick and essential guide to domestic and global politics.