Or, as some of us have been pointing out for years now

Saying that I do, of course, know the work of Mariana Mazzucato. I know that states have innovated. I am entirely confident that they still can. But adapting that innovation into useable products still seems to be a market function.

Governments can invent but not innovate.

No, not me, William Baumol. I’ve only been saying it because I know some economics, you know, have read Baumol – as Ritchie hasn’t been, nor Mariana

16 thoughts on “Or, as some of us have been pointing out for years now”

  1. “But adapting that innovation into useable products”. Surely turning an invention into something useful is innovation?

    Anyway, the state can’t do either, so there.

  2. Governments invent?* That’s like saying companies pay taxes. They may be working for the government at the time, but people invent.

    * Well sure, facts ‘n figures. Any time it suits ’em. Comes under the same heading as ursine defecation.

  3. Which government invented fire, clothes, the axe, corn, fishhook, the wheel, the cart, the boat, the bridge, the bow, the bridge, the pump, the engine, the windmill, the watermill, the electrical circuit, the dynamo, the radio, the telephone (no Mariana the core of the internet was not invented by a government but by an entrepreneur), the electric light, the refrigerator, the washing machine, the vacuum cleaner ?
    Perhaps Professor Murphy also knows the works of Agatha Christie and J K Rowling

  4. Tim’s only saying it because Baumol said it and it’s correct. Murphy’s only saying it because he’s going for a job somewhere and he needs to say it. We’ll find out soon enough.

  5. Golly; Murphy has actually read something by an actual economist – and references it? I thought he had invented all valid economics himself?

  6. RichardT, only a matter of a few blog posts before Professor Potato discredits everything written by Baumol.

  7. Hm. Can’t Soapy afford his own dressing gown?

    The kink in this story is almost as large as the self-regarding wank.

    Plus, plus, plus, why did he have a baseball bat in the first place?

    I live not far distant. I don’t have a baseball bat.

    I have an awl. And a hammer.

    But I don’t play bat and ball with them.

  8. The state can innovate…

    … when it comes to inventing innovative new laws to steal money from the public

    eg Brown’s SORN fines – fined for not breaking VED RTA Laws

    @john77 +1

    @Mr Lud

    A 3 foot crowbar is more versatile than a bb bat.

  9. Some Uplifting Festive Cheer

    The thrill of the chase

    In meadows and market places across Britain, large crowds of supporters, horses and hounds meet this morning to celebrate the enduring appeal of hunting. Tawny hounds, snorting horses and ponies, men in red coats and foot followers in every shade of check and brown gather beneath swinging inn signs in a quiet affirmation of defiance.

    Labour banned the sport in a bid to see off the toffs. What they didn’t realise is that for every aristocratic fox hunter there are several score of what Karl Marx might have termed the rural proletariat. The revolution that saw off Corbyn started on our crumpled fields of honour. We may not be very clever, but the idea of legislating out of prejudice seemed wrong to us

    Hmm, I murmur, too tired to disagree and I raise my glass to him. ‘My compliments, sir. Merry Christmas!’

    .
    Commercial Break: Fry’s Turkish Delight
    – aka Fry’s Chocolate Coated Soap
    – Milk Tray etc I used to eat the chocolate then give the yuk to dog

    .
    England, my England – by an American

    Lunch: Turkey almost finished

    Boxing Day Bargain
    Half a filleted salmon from Morrisons – reduced from £28.09 to £2.81

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