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

The video explores the concept of wealth creation and value, highlighting how economic theories have evolved over time. It discusses the historical context of value, from the physiocrats to classical economists like Adam Smith, and the shift to neoclassical economics, which focuses on subjective value. The impact of these theories on GDP, finance, and industrial sectors is examined, emphasizing issues like reinvestment and financialization. The video also critiques the pharmaceutical industry's pricing strategies and calls for a rethinking of value measurement, suggesting alternative indicators like happiness. It concludes by advocating for a broader understanding of value beyond price.

What is the main issue highlighted in the introduction regarding wealth creation?

• The lack of innovation in finance

• The overemphasis on creativity

• The absence of a proper theory of value

• The focus on couch potatoes

Who were the physiocrats and what did they focus on?

• Economists who concentrated on financial markets

• Economists who emphasized agricultural value

• Economists who focused on industrial labor

• Economists who prioritized technological innovation

What was the key change introduced by neoclassical economics?

• A focus on agricultural productivity

• An emphasis on government intervention

• A shift from subjective to objective conditions

• A focus on individual decision-making and equilibrium prices

How did the inclusion of financial activities in GDP change after 1970?

• Financial activities were only partially included

• Financial activities were excluded from GDP

• Financial activities were included as a major component of GDP

• Financial activities were considered unproductive

What is a major problem caused by financialization in the industrial sector?

• Decreased reinvestment in production

• Increased investment in human capital

• Improved stock market performance

• Enhanced focus on research and development

What innovative approach is New Zealand using to measure economic success?

• Gross National Product

• Gross National Happiness

• Net National Income

• Net Economic Welfare

What is the significance of the moon landing example in the conclusion?

• It demonstrates the risks of innovation

• It emphasizes the need for cost-benefit analysis

• It shows the failure of public-private partnerships

• It highlights the importance of government procurement

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

• Value is solely based on market demand

• Price is irrelevant to value

• Value is not just determined by price

• Value is always equal to price

What was a missed opportunity after the financial crisis according to the speaker?

• Implementing a financial transaction tax

• Reducing government spending

• Increasing short-term investments

• Eliminating financial regulations

What does the speaker propose as a key question for society?

• How to maximize profits

• What industries to eliminate

• What value are we creating

• How to reduce taxes