Ariel L. Wirkierman, Tommaso Ciarli and Mariana Mazzucato

Author Archive | Ariel L. Wirkierman, Tommaso Ciarli and Mariana Mazzucato


Innovation eco-systems and the Risk-Reward Nexus: an evolutionary account

The aim of this report is to study the relation between finance, innovation and inequality, focusing on the role of different actors in financing innovation and their share in the profit that results from an average of successful and unsuccessful projects. Based on a set of metrics for the distribution of risk taking and profit […]

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The role of patient finance in mission-oriented innovation: the market shaping role of state investment banks

To achieve innovation and investment-led growth, the EU requires patient, long-term committed finance. This report, which incorporates two previously published papers supported by the ISIGrowth project, examines the role of state investment banks (SIBs) in providing patient finance. We first review how the mainstream “market failure theory” justifies the existence of SIBs. We then propose […]

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An evolutionary agent-based model of innovation and the risk-reward nexus

The present paper studies the relative roles of public and private agents in the innovation process and their rewards. Building on an evolutionary framework, we account for the generation of skills as an endogenous process in innovation development, in which different agents contribute to value generation, but some are able to extract value more than […]

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Putting Austerity to Bed: Technical progress, aggregate demand and the supermultiplier

This paper investigates the determinants of private investment and economic growth from a theoretical perspective. We start with a critical analysis of the crowding-out effect and we present a new version of the Sraffian Supermultiplier, i.e. a model that accounts for both the multiplier and accelerator effects. We show that aggregate demand influences output in […]

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Five Key Points for Italy’s Banking Woes

This is the English version of an article originally published by La Repubblica on August 8, 2016. There is serious concern about Italy’s banks and whether the bad debt they are carrying signals trouble for the Eurozone. In facing up to its troubled financial system Italy’s political leaders could also benefit from a moment of […]

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Financing Renewable Energy: Who Is Financing What and Why It Matters

Accelerating innovation in renewable energy (RE) requires not just more finance, but finance servicing the entire innovation landscape. Given that finance is not ‘neutral’, more information is required on the quality of finance that meets technology and innovation stage-specific financing needs for the commercialization of RE technologies. We investigate the relationship between different financial actors […]

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A State-Powered Green Revolution

LONDON – Discussions about building a green future tend to focus on the need to improve the generation of energy from renewable sources. But that is just the first step. Better mechanisms for storing and releasing that energy – when the sun isn’t shining, the wind isn’t blowing, or when electric cars are on the […]

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