October 1, 2015
Economist Mazzucato (RM Phillips Chair in the Economics of Innovation, Science Policy Research Unit, Univ. of Sussex, UK; Firm Size, Innovation and Market Structure) sets out to dispel the myth that the private sector is the primary economic engine that drives innovation, noting that much of the innovation in the marketplace has its foundation in government-sponsored research. Apple, often considered the epitome of technological advancement, is shown to be a packager (albeit a good one) of technology rather than a creator. Almost without exception, every Apple device is dependent on inventions made possible through government analysis. At the same time, Mazzucato points out that the company seeks to repay this investment by offshoring the profits. In a similar vein, the author examines big pharma and venture capital--and both pale with respect to government investment. Many of the author's examples were brought about through government research--the Internet, global positioning, touch screens, and solar cells--though, revealing its Achilles' heel, government has exacted little in the way of compensation. VERDICT Required reading for elected officials.--Steven Silkunas, Fernandina Beach, FL
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