EconTalk, Mariana Mazzucato, Russ Roberts, Terence Kealey

Mazzucato Missing on the Margins (Part 1)

Written with Terence Kealey   In 1871, Austrian economist Carl Menger published his Principles of Economics. Simultaneously, British economist William Stanley Jevons sent to the printing presses The Theory of Political Economy. The two of them, to be joined in a couple of years by Swiss economist Léon Walras, had independently come to a dicovery that Menger’s student Friedrich von Wieser was to call “marginal utility.” By which economists mean that “value” is something related to the incrementally consumed unit,...
EconLog By Scott Sumner
What sort of top income tax rate does the public favor?

I have no idea how to answer this question, partly because I don't believe in public opinion polls. But for those who do, here are the results of asking the public what tax rate the rich should pay: 21 percent of respondents recommend a rate...


I think the episode was very good. She argued that we underestimate the role government plays in shaping markets. Both are hard to deny: the government is so big so whatever it does impacts the markets, and the government is (perhaps rightly so) poor in promoting it's successes (see for example how it was not mentioned in the book about Steve Jobs). And this Libertarian Church is relentlessly arguing against government (which is ok). Given the role government plays she argues in favour of ways to do do this well. I really don't see the problem.

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