Skip to content The Open University

Faculty of Social Sciences

Staff Profile

Prof Mariana Mazzucato

Visiting Professor



Mariana Mazzucato is a Visiting Professor in the Department of Economics at The Open University, where she worked full time until 2011. At the OU she founded in 2004 and directed until 2010 the Innovation Knowledge and Development Research Centre (IKD). She is currently Professor in Economics at the University of Sussex, where she holds the RM Phillips Chair in Science and Technology Policy. She was the Coordinator of the European Commission’s FP7 project FINNOV: Finance Innovation and Growth and is the Economics Director of the ESRC Innogen Centre. She is a member of the High Level Economic Policy Expert Group in the European Commission called Innovation for Growth (i4g). Her research focusses on the theoretical and empirical relationship between innovation, growth, and finance. In her highly influential The Entrepreneurial State, argues that mainstream economics, and the market failure view of the State’s role in the economy, ignores the role of the State in courageously leading in the innovation game – from the internet to nanotech and modern day pharmaceuticals – providing the vision and funds in the most risky and uncertain areas. She appears regularly on BBC News, Newsnight, Bloomberg, and SKY News. More information on her projects, media involvement, and publications can be found on her personal website.


1997: PhD Economics, New School for Social Research, NY
1994: Masters in Economics, New School for Social Research, NY
1990: Bachelor of Arts, History/International Relations, Tufts University, Boston

Academic appointments

2011-present: RM Phillips Professor in Science and Technology Policy, University of Sussex
2008-2010: Visiting Professor, Bocconi University, Milan, Italy.
2005-2011: Professor of Economics (Chair in Economics of Innovation), The Open University
2003-2004: Senior Lecturer, Economics, The Open University
1999-2002: Lecturer, Economics, The Open University
1998-1999: Post-Doctoral Marie Curie Research Fellow, London Business School, UK
1997-1999: Assistant Professor (tenure track), Economics, University of Denver, CO
1995-1997: Adjunct Professor, Economics, New York University, NY

Professional affiliations

Governing/Advisory Board Member

Advisory Board, The Academic-Industry Research Network (theAIRnet), USA (2010-Present)
Trustee, Green Alliance (2012-)

Grant Referee

Economics and Social Research Council (ESRC), UK (2000-2009)
United States National Science Foundation (NSF), USA (2001-2003)
Panel member: ESRC Science and Technology Studies Panel (2008)

Expert and task force member

Member of EC High Level Economic Policy Expert Group Innovation for Growth (i4g), (2011)
Member of Northern Economic Futures Commission, UK (2011)
Member of New Economic Foundation Task force on New Jobs, 2012
Member of DEMOS-Kings College Task Force on New Industrial Policy, 2012

Course development and teaching

Undergraduate and graduate level courses in: industrial economics, microeconomics, business strategy, economics of growth and innovation, evolutionary economics, history of economic thought.

University of Sussex, Brighton, UK, 2011-present.
The Open University, Milton Keynes, UK, 2000-2011.
Bocconi University, Milan, Italy, 2006-2010 (Visiting Professor).
University of Denver, Denver, USA, 1997-1999.
New York University, New York, USA, 1995-1997.

Research interests

Research management

2010-2012: Economics Director, ESRC Centre for Social and Economic Research on Innovation in Genomics (INNOGEN)
2009-2012: Coordinator of European Commission FP7 Collaborative Project on Finance, Innovation and Growth (FINNOV)
2004-2011: Founder and Director (until 2009), Innovation, Knowledge and Development (IKD), inter-faculty research centre, The Open University
2004-2008: Director of Research, Department of Economics, The Open University.

Current research grants

Institute for New Economic Thinking, Finance and Innovation: A Schumpeter-Minsky Synthesis, ($200,000), 2012-2014, Principal Investigator (PI), with Randy Wray.

Ford Foundation Reforming Global Finance initiative, Financial Markets and the Entrepreneurial State, ($200,000), PI, 2012-2014.

European Commission, PI, Coordinator and PI of EC FP7 Collaborative Project, Finance, Innovation and Growth (FINNOV). 2009-2012, 1.5 million Euros.

Recent publications

A selection of my research publications can be viewed at The Open University's Open Research Online.


Mazzucato, M. (2011), The Entrepreneurial State, Demos, London, UK. ISBN 978-1-906693-73-2, 149 pages

Mazzucato, M. and Dosi, G. (Eds, 2006), Knowledge Accumulation and Industry Evolution: Pharma-Biotech, Cambridge University Press, Cambridge, UK. ISBN 0-521-85822-4, 446 pages.

Mazzucato, M. (2000), Firm Size, Innovation and Market Structure: The Evolution of Market Concentration and Instability, Edward Elgar, Northampton, MA, USA. ISBN 1-84064-346-3. 138 pages.

Mazzucato, M., Lowe, J., Shipman, A. and Trigg, A. (2010), Personal Investment: Financial Planning in an Uncertain World, Palgrave Macmillan, Basingstoke, UK. ISBN 978-0-230-24660-7, 448 pages.

Mazzucato, M. (Ed, 2002), Strategy for Business, A Reader, Sage Publications, London, UK. ISBN 0-7619-7413-X, 378 pages.

Refereed journal articles

Mazzucato, M. and Tancioni, M. (2012), "R&D, Patents and Stock Return Volatility," Journal of Evolutionary Economics, Vol. 22 (4):811-832

Demirel, P. and Mazzucato, M. (2012), "Innovation and Firm Growth: Is R&D Worth It?" Industry and Innovation, Vol. 19, (2).

Demirel, P. and Mazzucato, M. (2010), "The Evolution of Firm Growth Dynamics in the US Pharmaceutical Industry", Regional Studies, Vol. 44 (8), pp.1053-1066.

Mazzucato, M. and Tancioni, M. (2008), "Idiosyncratic Risk and Innovation: A Firm and Industry Level Analysis", Industrial and Corporate Change, Vol. 17 (4), pp.779-811.

Mazzucato, M (2006), "Innovation and Stock Prices", Revue de L'Observatoire Français de Conjonctures Economiques," June 2006, Special Issue on Industrial Dynamics, Productivity and Growth.

Mazzucato, M. and Tancioni, M. (2005), "Indices that Capture Creative Destruction: Questions and Implications", Revue d'Economie Industrielle. 110 (2nd tr.), pp.199-218.

Mazzucato, M. (2003), "Risk, Variety and Volatility: Innovation, Growth and Stock Prices in Old and New Industries", Journal of Evolutionary Economics, Vol. 13 (5), pp.491-512.

Geroski, P. and Mazzucato, M. (2002), "Learning and the Sources of Corporate Growth", Industrial and Corporate Change, Vol. 11 (4), pp.623-644.

Mazzucato, M. (2002), "The PC Industry: New Economy or Early Life-Cycle", Review of Economic Dynamics, Vol. 5 (2), pp.318-345.

Geroski, P. and Mazzucato, M. (2002), "Myopic Selection and the Learning Curve", Metroeconomica, Vol. 53 (2), pp.181-199. 

Mazzucato, M. and Semmler, W. (2002), "The Determinants of Stock Price Volatility: An Industry Study", Nonlinear Dynamics, Psychology, and Life Sciences, Vol. 6 (2), pp.230-253.

Mazzucato, M. (2002), "Innovation, Organization and Economic Dynamics" (Review Article), Journal of Economic Behavior and Organization, Vol. 47 (3), pp.335-341.

Geroski, P. and Mazzucato, M. (2002), "Modelling the Dynamics of Industry Populations", International Journal of Industrial Organization, Vol. 19 (7), pp.1003-1022.

Mazzucato, M. (2000), "Firm Size, Innovation, and Market Share Instability: the Role of Negative Feedback and Idiosyncratic Events", Advances in Complex Systems, Vol. 3 (1-4), pp.417-431.

Mazzucato, M. and Semmler, W. (1999), "Stock Market Volatility and Market Share Instability during the US Automobile Industry Life-Cycle", Journal of Evolutionary Economics, Vol. 9 (1), pp. 67-96.

Mazzucato, M. (1998), "A Computational Model of Economies of Scale and Market Share Instability", Structural Change and Economic Dynamics, Vol. 9 (1), pp.55-83.

Under review

Mazzucato, M. (2013), "Finance, Innovation and Growth," submitted as Introduction to Special Issue of Industrial and Corporate Change, editor: M. Mazzucato.

Mazzucato, M. and Lazonick, W (2013), "Risks and rewards in the innovation-inequality relationship," Industrial and Corporate Change, Submitted to Special Issue on 'Finance, Innovation, and Growth', editor: M. Mazzucato.

Mazzucato, M. and Shipman, A. (2012), "Accounting for productive investment and value creation," submitted to Industrial and Corporate Change on July 1, 2012.

Mazzucato, M. and Parris, S. (2012), "Heterogeneity, R&D and Growth: a quantile regression approach," Revise and resubmit for Research Policy.

The Entrepreneurial State, 2nd Edition (significantly revised), Anthem Press, forthcoming Jan 2013.

Recent policy papers

Mazzucato, M. (2012), Rebalancing What? Reforming Finance for Value Creation, Policy Network.

Mazzucato, M. (2012), Finance and Innovation: Reforming a Dysfunctional System, FINNOV Policy Brief 3.

Mazzucato, M. (2011), "Innovation, Uncertainty and Bubbles", FINNOV Policy Brief 2.

Mazzucato, M. and Lazonick, W. (2010), "The Limits of the 3% R&D Target in Europe 2010", FINNOV.

Mazzucato, M. (2010), "Do Financial Markets Reward Innovation?" FINNOV Policy Brief 1.

A repository of research publications and other research outputs can be viewed at The Open University's Open Research Online.

Copyright: Open University
Photographer credit: Kelly Cooper

Last updated: 31 July 2013