Mazzucato, Mariana; Perez, Carlota; (2022) Redirecting Growth: Inclusive, sustainable and innovation-led. (Working Paper Series 2022/16). UCL Institute for Innovation and Public Purpose: London, UK.

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Abstract

The advanced world is facing a crucial moment of transition. We argue that a successful outcome requires bringing innovation to the centre of government thinking and action and that, in order to do this, we must apply our knowledge of how innovation occurs and how to repair what has gone wrong. We look first at the role that innovation has always played as the driver of economic growth, and at its relationship with finance. Arguing that the challenge today is not to ‘fix’ finance while leaving the economy sick, but rather to change the way that the real economy works, we then identify the solution: a policy direction that is smart, inclusive and takes advantage of ‘green’ as the next big technological and market opportunity. We then explain why the role of the State is key to ensuring that such opportunities are taken, and the importance of direct public investment for promoting the creation of public value and courageous risk-taking in research and innovation in both the public and private sectors. We then examine the potential of such innovation-oriented policies to promote inclusive growth. We consider concrete steps that could be taken, at various government levels, to create the ‘smart governance’ necessary to implement such a direction. The paper closes with suggestions for policies that aim to construct a prosperous, smart, green and fairer global economy.

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