Mariana Mazzucato: Growth should not be the main goal of economic policy
Economic growth? We should rethink the tasks and objectives of state economic policy, says Mariana Mazzucato:
“However, it is a mistake to put growth at the center of economic policy. Growth is important, but abstractly considered, it is not a coherent goal or task. Before governments commit to specific growth targets, they should focus on the direction of the economy. Because what good is a high growth rate if it can only be achieved through poor working conditions or an expanding fossil fuel industry? In addition, governments have been most successful in promoting growth when they pursued other goals and did not see growth itself as a goal.”
– Mariana Mazzucato, Professor of Economics of Innovation and Public Value at University College London and author, in “Rethinking the entrepreneurial role of the state – Governments should not just look at numbers. Instead, they should focus on the right direction for inclusive and sustainable growth”, guest commentary in Handelsblatt of September 4, 2023, No. 170
