(Working Paper) No. 837

: , *

Mariana Mazzucato University of Sussex

L. Randall Wray

Levy Economics Institute of Bard College

2015

The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.

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2

, . . . , - , 10% 10% 20% 40% . , . , . , , , , , . 20 . . ( ) , , . , , . , , , ' . , . Matt Taibbi, , . , , . ,

3

, . 1. , .[1] , , , . , , 20 . . . , - , 10% 10% 20% 40% . , . , , . , 2000 , , . , ( ), . , .

4

, . , . Figure 1 US Financial Sector Share of Corporate Profits and Value Added

Source: Bureau of Economic Analysis.

, , . , ( , Grovell Wisniewski 2014. , Hood 2013). 2 .

5

Figure 2 Gross Value Added (Indices 1975=100)UK 19452013

Source: Alessandri and Haldane 2009 (20092013 extended by authors with data from the Bank of England). , - , , , ( General Motors General Electric ). , . , , , , , , . , . , , . , , , , . 2013, (ASCE) D+ ( ), 3.6 2020. D.

6

Table 1 ASCEs 2013 Report Card for Americas Infrastructure

Water &

Environment Transportation

Dams D Aviation D A = Exceptional

Drinking Water D Bridges C+ B = Good

Hazardous Waste D Inland

Waterways D- C = Mediocre

Levees D- Ports C D = Poor

Solid Waste B- Rail C+ F = Failing

Wastewater D Roads D

Transit D

Public Facilities

Public Parks &

Recreation C- Energy D

Schools D Energy D

Source: American Society of Civil Engineers. , , , , 1.3 1998. , . , , . 2013, , . , , , . , , .[2] , . , . , , , , . , ASCE,

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. , : ( , ). , . , , . , , , (.., ). (, , ), . O . , . , , , . ( ), . , . . 1950, ( ) ( ). , , . , . . , , . , (Schumpeter 1934 [1912], . 74). , . , :

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, .[3] , ( ) ( , 2020 2010 [ ], . , . . , , (Stiglitz 1989). , : , , , . , . , (1912) ( ), (Schumpeter 1942) & . , . : , (Keynes 1964, . 159). : . . , (Shiller 2005), ( ) (Dosi Lovallo 1997, Pavitt 1984, Mazzucato 2013a/b).

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, , , , . : . . 12 , (Keynes 1964) : . () () . , , . . . , , . . , , . , , . ( ).[4] , , . ( ). , . , . , ( , ) , ,

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, , . ' , ( , ). , , . , : ; , . , . , , . 20 . . ( ) , , . , , . , , .[5] , , , ' . , . Matt Taibbi, , .[6] , Standard & Poors 500 ( ) 1.3 , 3 2013, 13,5%.[7]

11

Figure 3 Investments by S&P 500 Corporations (Excluding Financial Firms)

Source: Nathan Slaughter, https://www.streetauthority.com/research/3/item/9734. , (.., &), (Krippner 2005). , , , & (Lazonick 2015, Lazonick et al 2013). :

1. 2. 3. 4. , 5. .

, . -- . , . . .

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( ). , 20 , money manager capitalism. , , , , , , . , . , . , , , , . , 200708, . dot-com. , - , commodity trading, , , . . . , money manager capitalism. Wynne Godley, (Wray Godley 2002). - . - , , . .

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, , , , , , . . . , - . , : , Richard Nelson Sydney Winter , . , , Perez (2002), , Mazzucato (2013b), Knightian, , ( Mazzucato Perez 2014). , / , , . - . 3. , , Walras (Schumpeter 1944). , output , , . , , (Schumpeter 1949, . 61).

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, . , . . , . . . , , , , , . , , . , , . , . , Walras . , (Schumpeter 1949, . 64). , . , . , - (Schumpeter 1949). , , . , , , (.., ). ,[8] . , , 20 , .

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O . , . ( ), (Schumpeter 1949). . . . , (Bellofiore 1985, 1992). , . , , , - . , - ( ) , . , , . , . , , .[9] . , . , . . , , ... (Schumpeter 1949, . 68). . , . - , .

18

, , . . ' , . ( ) (Schumpeter 1949, . 71). . (Schumpeter 1949, . 69). , (Schumpeter 1949, . 70). , (Schumpeter 1949, . 107). , , . , , / , (Schumpeter 1949, . 74). , ( ). , . . , . , . ( ), , , . () , , . , . , ( ) (Schumpeter 1944 . 9). , , (Schumpeter 1949, . 111).

19

, , . , , ( ) , , , , overshoots . . , , (Schumpeter 1944, . 7). . , , . , , , . , , . , . , , , , (Schumpeter 1951, . 217. Bellofiore 1992).[10] , . . , . , . 4. . , ( Bellofiore 1992 Wray 1994). , , , ,

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, , . , . , 1986. Levy Institute , 1996. , , . . . . , , . , , , , . , . . , . , , . , - , . (1992), . , Walras , , . , , , , - .

21

(1993) , . , , . , , . , , , . , . - . , . , , , (Wray 1990, 1993a). , . ( ) , . , , , . 17 , . . , , . , , , , , . producible (.., ), ( ) ( ), . , , . , ,

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( ), . , ). ( Blinder et al. 1998, .) , . , . , , ( ) ( ). , , . . ( , + + + . , + . ). , , . , . ( ) . , ( , , ). , . , , , , . , . .

23

. , , , , . , , (Keynes 1979, . 89). . . , , , , , . ( , ). , . , . , , . . . , ad hoc . -, (Bellofiore 1985). , . , . , , (Minsky 1990, . 56). , , , . ,

24

, . , ( ). , , , , . , , . .[11] . . , . , . , , , (Minsky 1990, . 56). . , . . , . , , , - , . . , (Fed) . , Fed . , (

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) . , , Fed 30 . , . , . . , . . 5. (.., , , , ) . . ' , , . , , . , , , , . ( ) ( ). , , .

26

(.., , , ) (.., ). , , : . , , , , . , . , , , . Perez (2002) , ( ), . , . , , , , & . , (Knight 1921) , . , , , . , , . ,

27

. ( ) . , , : . . , , : . , . , . , , . , , (, ) . Mazzucato (2013a/b), . Block Keller (2011) , . , , . , .

28

(Mazzucato 2013b), . , , - . (- -); , . . . 6. : ( ) , (Mazzucato 2013b, O'Sullivan 2004). , ( ) . , , . , (Lazonick Mazzucato 2013). : , . (Mazzucato 2013a). . , . ; , . , , . , (Mazzucato 2013b).

29

. , ( ). ' , ,[12] , , , . , 97% (Nightingale Coad 2014). 3% . (Bottazzi et al. 2008) , , ( Knightian). ( Medema 2007 ), (Foray et al. 2012) (Mazzucato Penna 2014). , , ( ), , . , , , , 2012 2 &. (Block and Keller 2011, Mowery 2010, Mazzucato 2013a). 4 () , Advanced Research Projects Agency-Energy (ARPA-E) . , Small Business Innovation Research Program (SBIR) , ( 3 ).

30

Figure 4 Public Financing of Innovation across the Entire Innovation Chain

Source: The authors insertion of public funding in this figure is from Auerswald and Branscomb 2003. , , , . , (Lipsey et al 2005, Bresnahan 2010), , , , , . , Mazzucato (2013a), iPhone : , GPS, , SIRI. , , , , , , , , . , , ( ) (Mazzucato 2013b). . ( Knightian )

31

, . . , , Solyndra ( 500 ) Tesla ( 465 ). , Tesla, Solyndra. , , . . , , . ( Mazzucato 2013a); . . . , (, ) . , , . , . , . : ( ) ; . , . . . , . , , ( , ) . , .

32

. , , . . , . , . , , 30% ( , ), . . , . , . , . , , 90 99 , . , 90 99 , . , . , , , . , , . . , .

33

, , ( Apple, ) . . , . (Mazzucato 2013a). , . , ( ). ( ) ( ). : ( ) ( ). (Block Keller 2011). . , . DARPA (the Defense Advanced Research Projects Agency) () . . (Mazzucato Penna 2014). , (.. ). , . , 2012 80 , (BNEF 2012). , KfW BNDES

34

. ( , [Keynes 1936, . 346].) [13] . , , , , . . , , . &. (Dosi Lovallo 1997). , (Mazzucato 2013a). , . ; ; ; ; , ; Mazzucato Penna (2014), : , , / . , , . , ( ), , . Mazzucato Penna (2014)

35

. , , , , , , . 7. , - ( ) , . 24 :

, , , . , . , , , (Keynes 1936, 346, ).

: . , . , , . , . , , , . , ,

36

, . , . , . Phillips, . , , . . . Tcherneva (2008), 8090% ... 95100% (Keynes 1982: 409). , ' , (Tcherneva 2014). , . , . , . , . , . . , (Tcherneva 2008). . , , , . , . .

37

, : , . , . , , . Tcherneva (2008, ., 1516) :

: , (Keynes 1980: 322). , (Keynes 1982: 151) ... , , . , , , , , (Keynes 1982: 146) (Tcherneva 2008). , , , , , . , , : , [...] , [... ] (Keynes 1980: 270) ( ).

Bellofiore (2014, . 9) , . , : (Minsky 1975, . 164). ,

38

, . , : . , . , , . , - 6 () . , (Minsky 1993, Minsky et al., 1993). , , : , . , . , , . 8. , , . , 20 . , (Minsky 1993). . underwriting . , , , ,

39

. , . , , ( ). . , (Wray 1990).[14] , .[15] 19 , ( , ) , .[16] . . New Deal ( , Fed ) , . , . . ( ), , . , . , . , , , , . . , . . ,

40

. . , (Minsky 1993). , , , . , , . , . , , (Minsky 1993). , ( , ). 1970, , . , , . , . . money manager capitalism . , . , trading . , , ( ) . , .

41

, . , ( ) . , , . subprime , ( ) , . , . ( ) . . , . 2007 (Wray 2010). , . . , . . , , . 9. (mainstream) , . . . , , .

42

. ( ). . , . . , . , . . . ( The End of Laissez Faire, ), , . , , , . , . . , , . . . . , . ( ) , . , . , . ( , ) . . () , .

43

. . , . . , , , , (Lazonick Mazzucato 2013). , , . , (Block Keller 2011, Mazzucato 2013a). 30 . , , , . . . , . ( ), . , , . (Reinert 2007, Polanyi 1944). . ( ) . , . , , . . , ,

44

(Lazonick 2013). , (Lazonick Mazzucato 2013). . ( ), . ( - ) (, , ). . , . . , underwriting. . underwriting, , . , ( , ) . . , . , . . . , 200708. , . .

45

: . , , . . , . , , . , , . , , . . ( -) , , . , , . , , . ( ) ( ). , , . 10. . , . (Minsky 1994, . 2).

46

1990, . , money manager capitalism ( Wray 2009, 2010, 2012). , , . 1990, Levy Economics Institute . money manager capitalism, . . ( ). ( ). , . , , , . , ( . . 11. , . , : () , () , , , , () , () ,

47

() (., Wray 2010 .) . , , , . , . , , , . , , , . ( ), , . . , ( 1990, ) ( , ). , -, . . , . ( ), . , . , . . , ( , ).

48

. , , . , Bell Labs, (Block Keller 2011). 12. ; , . ( ) , . , , , . , (Lazonick 2009). , , . . : , , , , (Lazonick 2012). . , , . , , , , . , . . (Lazonick Mazzucato 2013). . , . , , insiders . . insiders . insiders . , insiders

49

, , . , , , . , . (Mazzucato 2013a); , , ( ) . . 6, ( . .), , , ( ) , , , Solyndra (.., Tesla ). . insiders . , . , . Employee Retirement Income Security Act, 2% 20%

50

. , , . , , . 31 , , . S&P 500 3 20012010 , 50% (Lazonick 2014). , one-way insiders. , , . ( &, .) ; , , , , , , . , , . , , , , . , . , . . , . ,

51

, . 13. , , . , . , . , , (Reinert 2007). , , , . , , . , . , ( ). , , , , 2008. (Krippner 2005). , . , . 1970 , 2000. , . , . , . 70 . underwriting (

52

, , ) . ( , Volcker, 20%, , , .) , , . . underwriting . . ( ) . ( ) , . . . , : ( 100% ), , , , ( ) . ( , ), ( ) . , , . , . , . 1987,

53

. , . . 14. underwriting , . landlords . . , . . , 20% 40% . 500% , . , ( ) . , , . , ( ). ( , , , , , ), . , ( ) ( ).

54

Michael Milken, 2000 1980. , , . ; . 19 1929 , , . , New Deal, ( , ), , . , , , . , , , . , 1930, . , , 300% 30, 500% 200708. . , . , . 15. 1980 1990, . , , ,

55

. .[17] , . . , . , Frank Hahn, ( ) . , Charles Goodhart (2008) , . , , , , . . , , 1920, . . . , . , , . , , . , . : , , , , underwriting, . , , . ,

56

. . , , . . , , . , . : . , ( ) . . , , . . , , , . , . . , , . , Paul McCulley, .[18] , . . . . , . . . :

- & .

57

. , . ( 20% ), . 16. : , . , . 1. . , . 2. , . , , , , . 3. . . 4. . . 5. off-shore. . 6. ( ) . underwriting . .

58

, , . 7. (proprietary trading) . , . 8. . ( mark to market). mark to market, . . , , . 17. , . ( ), . , , , 1990. , -. , , , , . ,

59

. , : 1. , . , . 2. ( Tesla, Solyndra, Apple, Compaq Intel), , () , , . . , . 3. . , , . 4. , .. 5. , . , (.., ) , -. 18. : .

60

. , / , & , () . , , . , , & , , ( ). , , , , , , (Mazzucato 2013a). , , . , , . , , , (Mazzucato Perez 2014). . , ( ). , . , . , .

61

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