The Innovative State: Governments Should Make Markets, Not Just Fix Them

EDT
Tuesday, March 31, 2015 - 9:00 AM to 10:30 AM
Information Technology and Innovation Foundation
1101 K Street N.W. 610 A
Washington 20005
03/31/2015 09:0003/31/2015 10:30America/New_YorkThe Innovative State: Governments Should Make Markets, Not Just Fix Them MM/DD/YYYY

The conventional view of what governments should do to foster innovation is simple: get out of the way. But economist Mariana Mazzucato argues that view is as wrong as it is widespread. In countries that owe their growth to innovation, she says the state has served not as a meddler in the private sector but as a key partner—and often a more daring one, willing to take the risks that businesses won’t.

Across the entire innovation chain, from basic research to commercialization, governments have stepped up with needed investment that the private sector has been too scared to provide. Today, however, it has become harder for governments to think big. Across the globe, policymakers have targeted public debt, arguing that cutting government spending will spur private investment. As a result, the state agencies that have been responsible for the technological revolutions of the past have seen their budgets shrink.

Join ITIF for a panel discussion on why governments need to think big again on innovation—and how they should take the lead in creating new markets, not just fix market failures.

Speakers: 
Robert D. Atkinson
President
Information Technology and Innovation Foundation
Moderator
William Janeway
Senior Advisor
Warburg Pincus
Presenter
Mariana Mazzucato
R.M. Phillips Professor in the Economics of Innovation
SPRU University of Sussex
Presenter
Sidney G. Winter
Deloitte and Touche Professor Emeritus of Management
The Wharton School of the University of Pennsylvania
Respondent