Prof Mariana Mazzucato

Professor of the Economics of Innovation

Economics

Profile

Mariana Mazzucato is a Professor of Economics at the Open University (UK). After receiving her PhD in 1999 from the New School University, she became Assistant Professor of Economics at the University of Denver, and then joined the London Business School through a Marie Curie Post-Doctoral Fellowship. She is currently the Coordinator of a 3 year FP7 project on Finance, Innovation and Growth (FINNOV, 2009-2012, EC Contribution Euros 1.5 million) and a core member of the ESRC Innogen centre. Since 2006 she has been a Visiting Professor at the Bocconi University (KITES centre). From 2006 to 2009 she directed The Open University's Innovation, Knowledge and Development (IKD) research centre.

Watch Prof Mazzucato's 90 second lecture on the Knowledge Economy

Watch the video from Mariana Mazzucato's Inaugural Lecture

Download Mariana Mazzucato's CV for more information (PDF document)

Qualifications

BA (Tufts, Massachusetts), MA/PhD (New School University, NY)

Course Development and Teaching Commitments

From 2008-2009 I Chaired the production of Personal investment in an uncertain world (DB234), and am one of the editors of the associated book, co-published with Palgrave Macmillan. The course, which builds on the course You and your money: personal finance in context (DB123) course, will begin in May 2010 (both courses are core to the OU’s new Foundation Degree in Financial Services)

Open University, Department of Economics - Economics and economic change (DD202) - Author of Chapter 2 “Information Technology: A New Era?,” (12,000 words). Provided large contribution to material used for Block 1 “Are We Living Through a New Industrial Revolution”.

Open University, Business School - Business behaviour in a changing world (B300) - Wrote and organised all the material for Strategy Module of B300 (module 2 of 3). Editor of Reader on Strategy for Business, ISBN 0-7619-7413-X. Author of extensive Study-Guide for all 6 sections of Module 2: Strategy (35,000 words)

Teaching outside of the Open University

Bocconi University, Milan, Italy (Visiting Professor)
2006-2008
    Industry Analysis Econ 8425 (Masters),
    Industry Dynamics and International Competitiveness Econ 8205 (Masters)

University of Denver (Tenure Track Assistant Professor)
1997-1999
    Foundations of Economics
    Industrial Organization (Masters)
    Mathematics for Economists (Masters)

New York University
1995-1996
    Introductory Microeconomics
    Introductory Macroeconomics

Research Interests

Professor Mazzucato’s research uses theoretical, empirical and computational techniques to study the feedback between technological change, firm performance and industrial market structures. Her work highlights the origin and evolution of persistent differences between firms and the evolution of these differences over the industry life-cycle. Her empirical work has focused on automobile, personal computer and biotech-pharmaceutical industries. Her most recent work has related - theoretically and empirically - the dynamics of technological change and industrial instability to the dynamics of stock price volatility.

Research Fields
Industrial Economics, Applied Microeconomics, Evolutionary Economics, Economics of Growth and Technological Change, Business Strategy, Computational Economics.

Grant funded research projects

EU Network of Excellence Dynamics of Institutions and Markets in Europe (DIME): Coordinator for two work packages: Finance, Innovation and Inequality (2007-2008); Innovation in Pharma and Equity in Health (2008-2010).

British Academy, Firm Growth Dynamics in Different Knowledge Regimes: The Biotech Sector. Grant period 2005-2007. Work on this research project has been enhanced and continued through an ESRC funded studentship supervised by Prof Mazzucato. PhD students supervised by Professor Mazzucato working in this area include Pelin Demirel and Lillian Jensen.

ESRC, Social and Economic Research on Innovation in Genomics (INNOGEN). Grant period 2002-2012: Director: Joyce Tait (University of Edinburgh) and Co-Director: Prof David Wield (Open University).
Visit the Innogen website

EU 5th Framework grant, Economic Change: Microfoundations of entrepreneurial and organizational changes in Europe. Grant period 2002-2005: EU-TSER fifth framework project grant. (Coordinators: Dr Alfonso Gambardella (Univ. of Pisa) and Dr Walter Garcia (Univ. Pompeu Fabra). UK coordinator Dr Suma Athreye.

Workshop Coordinator
Finance, Innovation and Inequality: questions and implications for future research
November 9 2007 : Regents Park Conference Centre, London (funded by IKD and the EU DIME network of excellence)

Policy Implications from Recent Advances in the Economics of Innovation and Industrial Dynamics
December 15-16 2006 : The Open University in London. (funded by IKD and the EU DIME network of excellence)

Innovation, Growth And Market Structure: Biotechnology & Pharmaceuticals
March 28-29 2003 : Regents Park Conference Centre, London. (funded by the ESRC INNOGEN centre)

Recent Publications

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

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

Strategy for Business, A Reader, Sage Publications, London, 2002. (sole editor) ISBN 0-7619-7413-X, 378 pages.

Articles
Demirel, P. and Mazzucato, M. (2008), “Firm Growth Dynamics Under Different Knowledge Regimes: Implications for Regional Dynamics,” Open University Discussion Paper, 53-2006, Forthcoming: Regional Studies, IKD working paper 38.

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

"Innovation and stock prices: a review of some recent work," (2006) Revue de L'Observatoire Francais de Conjonctures Economiques, Special issue.

“Indices that Capture Creative Destruction: Questions and Implications,” (with Massimiliano Tancioni) Revue d’Economie Industrielle. 110, 2005, 2nd trimester: 199-218.

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

"Learning and Corporate Growth," (with Paul Geroski), Industrial and Corporate Change, Vol. 11, 2002: pp. 623-644.

"The PC Industry: New Economy or Early Life-Cycle," Review of Economic Dynamics, Vol. 5 (May 2002).

"Myopic Selection and the Learning Curve" (with P. Geroski), Metroeconomica, Vol. 53 (June 2002).

"The Determinants of Stock Price Volatility: An Industry Study" (with W. Semmler). Nonlinear Dynamics, Psychology, and Life Sciences, Vol. 6 (April 2002).

"Modelling the Dynamics of Industry Populations" (with P. Geroski), International Journal of Industrial Organization, Vol. 19 (July 2001): 1003-1022.

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

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

Articles Under Review and work in progress
Demirel, P. and Mazzucato, M. (2008), “Firm Growth Dynamics Under Different Knowledge Regimes: Implications for Regional Dynamics,” Open University Economics Discussion Paper, 63-2007. Under review Regional Studies (accepted subject to modifications).

Mazzucato, M. and Tancioni, M. (2008), “Stock Price Volatility and Patent Citation Dynamics: the case of biotech-pharma” Open University Economics Discussion Paper, 55-2008. Under review Industrial and Corporate Change.

Demirel, P. and Mazzucato, M. (2008), Does Market Selection Reward Innovators? R&D, patents, and growth in the US Pharmaceutical Industry IKD Working Paper 2008-33. Under review International Journal of Industrial Organization.

Stock Prices and Technological Change: A Schumpetarian View of Bubble Dynamics. Book manuscript in progress.

Book chapters
Dosi, G. and Mazzucato, M. (2006), “Knowledge Accumulation and Industry Evolution: An Introduction,” in Knowledge Accumulation and Industry Evolution: Pharma-Biotech, Ed. by M. Mazzucato and G. Dosi, Cambridge University Press (2006).

Orsenigo, L., Dosi, G. and Mazzucato, M. (2006) “The Dynamics of Knowledge Accumulation, Regulation and Appropriability in the Pharma-Biotech Sector: some Policy Issues,” in Knowledge Accumulation and Industry Evolution: Pharma-Biotech, Ed. by M. Mazzucato and G. Dosi, Cambridge University Press (2006).

Geroski, Paul A. and Mazzucato, M (2003) Advertising and the evolution of market structure in the US car industry. In: Competition, monopoly and corporate governance: essays in honour of Keith Cowling. Edward Elgar, Northampton, MA., pp. 259-284. ISBN 1-84376-089-4 & 978-1-84376-089-4

'Selection and the Learning Curve' (with Paul Geroski), in Applied Evolutionary Economics: New Empirical Methods and Simulation Techniques, Ed. Elgar, Northampton, MA, 2002: pp. 212-234.

'Firm Size, Innovation and Market Share Instability: The Role of Idiosyncratic Events on the Feedback Between Firm Size and Innovation,' in Applications of Simulation to Social Sciences, Hermes Science Publishing, Oxford, 2000: pp. 417-431.

Working papers
Mazzucato, M. (2000) 'The Effect of Idiosyncratic Events on the Feedback between Firm Size and Innovation', Open University Discussion Paper 18-2000.

Mazzucato, M. and Geroski, P. A. (2001) 'Modelling the Dynamics of Industry Populations', Open University Discussion Paper 37-2001

Mazzucato, M. and Geroski, P. A. (2001) - 'Advertising and the Evolution of Market Structure in the US Car Industry -Open University Discussion Paper 38-2001

Mazzucato, M. and Semmler, W. (2001) 'The Determinants of Stock Price Volatility: An Industry Study', Open University Discussion Paper 39-2001

Mazzucato, M. (2003) 'Risk, Variety and Volatility in the Early Auto and PC Industry', Open University Discussion Paper 41-2003

Mazzucato, M. and Geroski, P. A. (2001) 'Learning and the Sources of Corporate Growth', Open University Discussion Paper 43-2001

Mazzucato, M. and Tancioni, M. (2004) 'Entry, Competence-Destroying Innovations, volatility and growth: Lessons from different industries', Open University Discussion Paper 48-2004

Mazzucato, M. and Tancioni, M. (2005) 'Innovation and Idiosyncratic Risk: an Industry and Firm Level Analysis', - Open University Discussion Paper 50-2005

Mazzucato, M. and Tancioni, M. (2007) - Stock Price Volatility and Patent Citation Dynamics: the case of the pharmaceutical industry - Open University Discussion Paper 55-2007

Demirel, P. and Mazzucato, M. (2007) 'Firm Growth Dynamics under Different Knowledge Regimes: the Case of the Pharmaceutical Industry', Open University Discussion Paper 63-2007

Mazzucato, M. (1999), “A Computational Model of Economies of Scale and Market Share Instability” Santa Fe Institute Working Paper (1999-06-054).

Media
Reinventing the Wheel, TV film on innovation and industry life-cycle featuring work and interviews by Mariana Mazzucato. Aired prime time on BBC2, June 2002. For more information visit open2.net website

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