Mariana Mazzucato: What is economic value, and who creates it?

What major event is used to highlight the need for a proper theory of value?

• The 2009 financial crisis

• The Industrial Revolution

• The moon landing

• The rise of neoclassical economics

Who were the physiocrats and what did they focus on?

• Economists who focused on agricultural value

• Economists who focused on consumer behavior

• Economists who focused on industrial labor

• Economists who focused on financial markets

What was the main focus of classical economists like Adam Smith?

• Industrial labor and productivity

• Equilibrium price determination

• Consumer utility maximization

• Financial intermediation

What significant change did neoclassical economics introduce?

• Introduction of the labor theory of value

• Emphasis on government intervention

• Focus on agricultural productivity

• Shift from objective to subjective conditions

How does the current economic system affect GDP measurement?

• By emphasizing agricultural productivity

• By focusing on subjective conditions

• By including only industrial output

• By excluding financial activities

What is the impact of financialization on the real economy?

• Enhanced industrial growth

• Reduced reinvestment in human capital

• Decreased focus on share prices

• Increased reinvestment in production

What alternative indicators are mentioned for measuring value?

• Financial growth rate

• Gross national happiness

• Industrial output index

• Consumer satisfaction score

What is emphasized as crucial for addressing global challenges?

• Focus on agricultural output

• Increased consumer spending

• Reinvestment in innovation

• Short-term financial gains

What historical example is used to illustrate successful public-private collaboration?

• The rise of neoclassical economics

• The Industrial Revolution

• The moon landing

• The 2009 financial crisis

What does the speaker suggest about the relationship between value and price?

• Value is irrelevant to economic growth

• Price always reveals true value

• Value is not just price

• Value is solely determined by price