Mazzucato discusses value by focusing on three sectors: finance innovation and the public sector or government. With this insight, Mazzucato points out that value can be easily used and abused by capitalists operating in numerous sectors. Scarcity and preference become key factors in getting the price right as a result, price determines value. Nowadays, everything that can fetch a price in the market has value accordingly. It essentially originates from the cost of production and determines the price of things. ‘Value’ used to be a primary tenet in economics. Looking at the things around you, do you think they have some value? If the answer is yes, is it simply because they have a price in the market? If the answer is still yes, then The Value of Everything: Making and Taking in the Global Economy, authored by Mariana Mazzucato, is essential reading. The Value of Everything: Making and Taking in the Global Economy. If you are interested in this book review, you may like to listen to a podcast here of Mariana Mazzucato’s LSE lecture, ‘The Value of Everything: Making and Taking in the Global Economy’, recorded on 23 April 2018. In The Value of Everything: Making and Taking in the Global Economy , Mariana Mazzucato explores the concept of value today, showing how value extraction is now more highly rewarded than value creation. This is a meticulous and insightful analysis of value in the economy that will help to reopen the debate into ‘the value of everything’, writes Wannaphong Durongkaveroj.
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