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Perils of the free market

Public value must come back into economic thinking

By Fran Boait   May 2018
Father of the Free Market: David Ricardo

Father of the Free Market: David Ricardo

Mariana Mazzucato offers an exposé of how value extractors and rent-seekers have been masquerading as value creators in the global economy. And, furthermore, how the conventional wisdom has indulged them in this.

She lays out the long intellectual backstory, describing 200 years of economic thought in which those who simply sought to extract from value-creating activity used to be regarded as parasitic—including by the classical liberal economists such as Adam Smith and David Ricardo. So…

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