The Value of Everything audiobook cover - Making and Taking in the Global Economy

The Value of Everything

Making and Taking in the Global Economy

Mariana Mazzucato

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Economics

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The Value of Everything
Evolution of Value Theory+
The Flaws of GDP+
Financialization of the Economy+
Innovation and Extraction+
The Public Sector Myth+
Redefining Economic Value+

Quiz — Test Your Understanding

Question 1 of 9
What did classical economist Adam Smith originally mean by his ideal of a 'free market'?
  • A. A market completely free from government regulation and taxes.
  • B. A market free from rent and unproductive value extraction.
  • C. A market where goods and services are traded across borders without tariffs.
  • D. A market where prices are dictated entirely by consumer demand.
Question 2 of 9
How did neoclassical economics, through the theory of marginal utility, alter the definition of economic value?
  • A. It defined value based on the amount of physical labor required to produce a good.
  • B. It argued that only physical goods, not services, could possess true economic value.
  • C. It made value synonymous with price, based on subjective consumer need and scarcity.
  • D. It established that value is derived solely from the natural resources used in production.
Question 3 of 9
How do standard GDP calculations handle homeownership to balance international comparisons?
  • A. They exclude the housing market entirely to prevent inflation distortions.
  • B. They assume homeowners are renting the property from themselves and include this fictitious income.
  • C. They count only the initial construction costs and land value of the properties.
  • D. They subtract mortgage interest payments from the total national output.
Question 4 of 9
Why does the public sector often appear deeply inefficient in standard GDP calculations?
  • A. Governments deliberately provide services like education at lower than market rates.
  • B. Public sector workers receive significantly higher wages than private sector workers.
  • C. GDP calculations automatically subtract tax revenues from the total value created.
  • D. The public sector relies primarily on monopolistic rent-seeking to generate revenue.
Question 5 of 9
How was the financial sector viewed in national economic accounting prior to the 1970s?
  • A. It was considered the primary engine of modern economic value creation.
  • B. It was seen as an unproductive sector that merely redistributed existing wealth.
  • C. It was classified as a public utility and heavily subsidized by the government.
  • D. It was measured solely by the total amount of physical currency in circulation.
Question 6 of 9
What has been a major consequence of the corporate push to 'maximize shareholder value' since the 1970s?
  • A. Companies have drastically increased their long-term investments in employee welfare.
  • B. Non-finance companies have abandoned financial tools to focus strictly on manufacturing.
  • C. Companies increasingly use share buybacks to boost executive pay instead of reinvesting in the business.
  • D. Private equity firms have been legally barred from acquiring public utility companies.
Question 7 of 9
According to the text, what is the primary economic reason pharmaceutical companies can charge exorbitant prices for patented drugs?
  • A. The manufacturing costs for these specialized drugs are incredibly high.
  • B. Venture capitalists demand immediate, massive returns on their initial funding.
  • C. Government regulations require pharmaceutical companies to maintain high profit margins.
  • D. There is no elasticity of demand because people will pay anything to save their lives.
Question 8 of 9
What crucial role has the government played in the innovation economy that is often overlooked?
  • A. It acts primarily as a regulator that attempts to slow down disruptive technological progress.
  • B. It provides the high-risk, early-stage funding for fundamental research like the internet and GPS.
  • C. It relies entirely on private venture capitalists to fund all basic scientific research.
  • D. It extracts massive value from tech startups by taxing them at extremely high rates.
Question 9 of 9
What did the use of Private Finance Initiatives (PFIs) in the UK demonstrate about public vs. private investment?
  • A. Direct public investment would have been far cheaper and safer than using private contractors.
  • B. Private companies are universally more efficient at building public infrastructure.
  • C. Outsourcing completely eliminated the financial burden on the UK government.
  • D. Public choice theory was correct in assuming public investments always yield a zero return.

The Value of Everything — Full Chapter Overview

The Value of Everything Summary & Overview

The Value of Everything (2018) presents an argument for redefining value in the economy so that we can better understand who really creates value, and who extracts it.

Who Should Listen to The Value of Everything?

  • Economists eager for new ideas
  • Fans of politics in search of change
  • Lovers of radical ideas and ambitious visions

About the Author: Mariana Mazzucato

Mariana Mazzucato is a professor at University College London in the Economics of Innovation and Public Value. At UCL, she also founded and directs the Institute for Innovation and Public Purpose. She also wrote the award-winning book The Entrepreneurial State.

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