ABOUT THE SPEAKER
Mariana Mazzucato - Innovation economist
Which actor in the economy is most responsible for making radical innovation happen? Mariana Mazzucato comes up with a surprising answer: the state.

Why you should listen

States and governments are often depicted as slow, bureaucratic, risk-averse. That argument is used in support of making states smaller and the private sector bigger. In her latest book, The Entrepreneurial State: Debunking Private vs. Public Myths in Innovation and in her research, Mariana Mazzucato offers a bold contrarian view: States aren't only market regulators and fixers, but "market makers" -- actively creating a vision for innovation and investing in risky and uncertain areas where private capital may not see the ROI. Yes: Private venture capital is much less risk-taking than generally thought. As an example, the technology behind the iPhone and Google exists because the U.S. government has been very interventionist in funding innovation. Private investors jumped in only later. The same is true today of what promises to be the next big thing after the Internet: the green revolution.

Mazzucato, a professor of economics at the Science and Technology Policy Research Unit (SPRU, University of Sussex), argues that Europe needs today to rediscover that role -- that what the continent needs is not austerity but strategic investments (and new instruments such as public investments banks) towards an "innovation Union."

More profile about the speaker
Mariana Mazzucato | Speaker | TED.com
TEDGlobal 2013

Mariana Mazzucato: Government -- investor, risk-taker, innovator

Mariana Mazzucato: Qeveria - Investues? Ndermarres Rreziku apo Inovator?

Filmed:
946,214 views

Pse qeveria nuk perfshihet ne inovacion? Eshte nje pyetje qe degjohet shpesh dhe Mariana Mazzucato ka vendosur ti beje nje analize ne lidhje me kete ceshtje. Eshte nje fjalim energjitik ne te cilin ajo shpalos se si ne fakt shteti eshte nje nder nder-marresit me te rendesishem te shpikjeve, ideve te reja dhe te rrezikshme dhe se si ne fakt eshte shteti ai qe krijon tregun.
- Innovation economist
Which actor in the economy is most responsible for making radical innovation happen? Mariana Mazzucato comes up with a surprising answer: the state. Full bio

Double-click the English transcript below to play the video.

00:12
Have you ever asked yourselves why it is that
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Kemi pyetur veten se si ka mundesi qe
00:15
companies, the really cool companies,
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kompanite me te medha, dhe e kam fjalen per kompanite e fuqishme,
00:17
the innovative ones, the creative,
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kompanite krijuese,
00:18
new economy-type companies --
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kompanite e koheve moderne --
00:20
Apple, Google, Facebook --
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si Apple, Google, Facebook
00:23
are coming out of one particular country,
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e kane origjinen e tyre tek nje shtet,
00:26
the United States of America?
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Shtetet e Bashkuara te Amerikes.
00:28
Usually when I say this, someone says, "Spotify!
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Zakonisht kunder argumenti qe me jepet eshte se Spotify
00:30
That's Europe." But, yeah.
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eshte kompani e krijuar ne Europe. Eshte e vertete,
00:31
It has not had the impact that these other companies have had.
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por Spotify nuk ka suksesin dhe famen e kompanive te siper permendura.
00:35
Now what I do is I'm an economist,
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Une jam Ekonomiste
00:37
and I actually study the relationship
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e specializuar ne studimin e marredhenies
00:38
between innovation and economic growth
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midis inovacionit dhe rritjes ekonomike
00:40
at the level of the company, the industry and the nation,
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ne nivel kompanish, industrish dhe shtetesh.
00:43
and I work with policymakers worldwide,
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Punoj me politik-beres ne te gjithe boten,
00:45
especially in the European Commission,
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kryesisht me politik-beres ne Komisionin Europian,
00:47
but recently also in interesting places like China,
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por edhe ne vende interesante si Kina.
00:50
and I can tell you that that question
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Qe te gjithe
00:52
is on the tip of all of their tongues:
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kane nje pyetje ne maje te gjuhes:
00:55
Where are the European Googles?
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Ku jane Googl-at Europian?
00:57
What is the secret behind the Silicon Valley growth model,
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Cili eshte sekreti i rritjes ekonomike ne 'Silicon Valley',
01:01
which they understand is different
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i cili eshte patjeter i ndryshem
01:03
from this old economy growth model?
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nga modeli i vjeter dhe tradicional i rritjes ekonomike?
01:06
And what is interesting is that often,
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Eshte interesante qe
01:08
even if we're in the 21st century,
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edhe pse jemi ne shekullin e 21,
01:10
we kind of come down in the end to these ideas
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argumenti qe perdoret per te shpjeguar kete fenomen
01:12
of market versus state.
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eshte tregu kundrejt shtetit.
01:14
It's talked about in these modern ways,
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Me pak fjale,
01:16
but the idea is that somehow, behind places like Silicon Valley,
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ideja eshte qe celesi i suksesit per vende si Silicon Valley
01:20
the secret have been different types of market-making mechanisms,
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eshte perdorimi i mekanizmave te ndryshem per nxitjen e tregut.
01:24
the private initiative, whether this be about
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Nje shembull do ishte iniciativat private, kjo ne formen e
01:27
a dynamic venture capital sector
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sektorit te kapitaleve private,
01:29
that's actually able to provide that high-risk finance
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te cilat ofrojne financim me rrezik te larte
01:32
to these innovative companies,
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per keto kompanive
01:33
the gazelles as we often call them,
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inovative
01:35
which traditional banks are scared of,
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gje te cilen bankat tradicionale do kishin frike ta benin.
01:37
or different types of really successful
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Kjo mundesi mund tu jepet dhe duke ofruar politika reklamimi
01:39
commercialization policies which actually allow these companies
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te cilat u japin mundesine ketyre kompanive
01:42
to bring these great inventions, their products,
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qe te nxjerrin idete apo produktin e tyre
01:45
to the market and actually get over this
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ne treg, duke kapercyer ne kete menyre piken
01:47
really scary Death Valley period
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ku shumica e kompanive te tjera
01:49
in which many companies instead fail.
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do falimentonin.
01:52
But what really interests me, especially nowadays
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Por ceshtja me interesante per mua,
01:54
and because of what's happening politically around the world,
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sidomos duke pasur parasysh se cfare po ndodh ne aspektin politik ne bote,
01:57
is the language that's used, the narrative,
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eshte gjuha, arsyetimi, imazhet dhe fjalet konkrete
02:01
the discourse, the images, the actual words.
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qe perdoren ne keto raste.
02:04
So we often are presented
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Shpesh perdoret arsyetimi se
02:06
with the kind of words like that the private sector
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sektori privat, sic shihet dhe nga ndarja ne tabele,
02:09
is also much more innovative because it's able to
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eshte me inovativ
02:11
think out of the box.
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sepse eshte me mendje hapur, mendon jashte korrnizave,
02:13
They are more dynamic.
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eshte me dinamik.
02:15
Think of Steve Jobs' really inspirational speech
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Steve Jobs dha nje fjalim shume inspirues
02:18
to the 2005 graduating class at Stanford,
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te diplomuarve te vitit 2005 ne Stanford,
02:21
where he said to be innovative,
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Ideja kryesore e flalimit te tij ishte qe: qe te jeni inovativ
02:23
you've got to stay hungry, stay foolish.
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duhet te qendroni kurioz, te mendoni se nuk dini mjaftueshem.
02:26
Right? So these guys are kind of the hungry
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Domethene personat e sektorit privat ne tabele jane ato kuriozet,
02:27
and foolish and colorful guys, right?
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mendjehapurit dhe ambiciozet.
02:30
And in places like Europe,
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Europa, nga ana tjeter,
02:31
it might be more equitable,
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eshte me sociale, njerezit jane me te barabarte dhe mireqenia eshte e shperndare ne menyre me te barabarte.
02:33
we might even be a bit better dressed
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Ne Europe njerezit mund te vishen dhe te ushqehen
02:35
and eat better than the U.S.,
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me mire se ne Amerike,
02:37
but the problem is this damn public sector.
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por problemi kryesor ne Europe eshte sektori publik.
02:41
It's a bit too big, and it hasn't actually allowed
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Sektori publik eshte shume i madh, kujdeset per shumicen dhe duke qene e tille
02:45
these things like dynamic venture capital
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nuk ka mundesuar, nxitur, sektorin e Kapitaleve Private
02:48
and commercialization to actually be able to really
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dhe reklamimit
02:50
be as fruitful as it could.
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ne nivelin e duhur. Nuk i ben individet kurioz dhe ambicioz.
02:52
And even really respectable newspapers,
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Gazeta me shume reputacion,
02:54
some that I'm actually subscribed to,
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disa nga te cilat i blej edhe vete,
02:56
the words they use are, you know,
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e shohin shtetin si
02:58
the state as this Leviathan. Right?
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Gogoli.
03:01
This monster with big tentacles.
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Si nje perbindesh me shume kembe.
03:03
They're very explicit in these editorials.
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Mendimi i tyre eshte qe
03:05
They say, "You know, the state, it's necessary
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shteti duhet te rregulloje
03:08
to fix these little market failures
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problemet e vogla
03:10
when you have public goods
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te tregut dhe problemet qe prekin shumicen,
03:11
or different types of negative externalities like pollution,
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problemet si ndotja.
03:14
but you know what, what is the next big revolution
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Por pyetje qe me lind mua personalisht eshte se cfare do jete shpikja
03:17
going to be after the Internet?
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e re pas internetit?
03:19
We all hope it might be something green,
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Ne te gjithe shpresojme se mund te jete dicka e lidhur me energjine e paster.
03:21
or all of this nanotech stuff, and in order for that stuff to happen," they say --
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Por mbizoteron mendimin qe
03:25
this was a special issue on the next industrial revolution --
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shteti, qeveria,
03:28
they say, "the state, just stick to the basics, right?
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te merret me gjerat baze.
03:30
Fund the infrastructure. Fund the schools.
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Te Investoje ne infrastukture, ne shkolla,
03:33
Even fund the basic research, because this is
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madje te investoje edhe ne kerkime shkencore jetike
03:35
popularly recognized, in fact, as a big public good
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sepse kjo eshte ne te miren e shoqerise
03:38
which private companies don't want to invest in,
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dhe kompanite private nuk jane te intesuara ne kete pjese
03:40
do that, but you know what?
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dhe mendojne se shteti te lere pjesen tjeter te inovacioneve
03:41
Leave the rest to the revolutionaries."
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per revolucionaret.
03:44
Those colorful, out-of-the-box kind of thinkers.
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Te lere pjesen tjeter per ata qe duan te mendojne jashte korrnizave.
03:47
They're often called garage tinkerers,
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Atyre qe shpesh quhen shpikesit ne garazh,
03:49
because some of them actually did some things in garages,
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meqenese se disa shpikje jane bere neper garazhe,
03:51
even though that's partly a myth.
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edhe pse kjo ne fakt eshte me shume nje mit sesa e vertete.
03:54
And so what I want to do with you in, oh God,
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Ao cfare une dua te diskutoj me ju
03:56
only 10 minutes,
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ne keto 10 minuta qe kane ngelur
03:57
is to really think again this juxtaposition,
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eshte qe te mendijme edhe nje here per kete qendrim dhe ta analizojme
04:00
because it actually has massive, massive implications
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sepse ky qendrim ka ndikim shume te madh,
04:03
beyond innovation policy,
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dhe kjo jo vetem ne politikat e inovacionit
04:04
which just happens to be the area
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e cila eshte fusha per te cilen flas
04:06
that I often talk with with policymakers.
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dhe jam e interesuar.
04:09
It has huge implications, even with this whole notion
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Kjo ka ndikim te madh ne konceptin
04:13
that we have on where, when and why
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qe ne kemi persa i perket faktit se ku, kur dhe pse
04:16
we should actually be cutting back on public spending
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duhet te reduktojme shpenzimet publike
04:19
and different types of public services which,
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dhe sherbime te ndryshme shteterore
04:21
of course, as we know, are increasingly being
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per te cilat sot qeveria po merr
04:23
outsourced because of this juxtaposition.
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kontrata sherbimi.
04:25
Right? I mean, the reason that we need to maybe have free schools or charter schools
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Per shembull, arsyeja pse shkollat duhet te jene te pavarura
04:28
is in order to make them more innovative without being emburdened
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eshte qe te jene me krijuese dhe te kene me shume pavaresi
04:32
by this heavy hand of the state curriculum, or something.
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nga kurrikula e vendosur nga shteti.
04:35
So these kind of words are constantly,
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Ky arsyetim mund te aplikohet
04:37
these juxtapositions come up everywhere,
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ne shume fusha
04:39
not just with innovation policy.
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te tjera.
04:42
And so to think again,
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Le te marrim pak kohe
04:43
there's no reason that you should believe me,
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dhe te mendojme pak per kete ceshtje.
04:46
so just think of some of the smartest
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Mendoni per gjene me
04:47
revolutionary things that you have in your pockets
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revolucionare qe keni ne xhep,
04:50
and do not turn it on, but you might want to take it out, your iPhone.
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Iphone.
04:52
Ask who actually funded the really cool,
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Kush mendoni se ofroi fonde
04:55
revolutionary thinking-out-of-the-box
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per kete mrekulli, per kete gje revolucionare
04:57
things in the iPhone.
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ne Iphone.
04:59
What actually makes your phone
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Cfare e ben telefonin tuaj te zgjuar
05:01
a smartphone, basically, instead of a stupid phone?
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dhe te vecante?
05:03
So the Internet, which you can surf the web
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Eshte interneti, nepermjet te cilit
05:05
anywhere you are in the world;
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ti mund te eksplorosh faqe, fakte, libra etj kudo ne bote;
05:06
GPS, where you can actually know where you are
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Eshte navigatori i cili arrin te njohe
05:09
anywhere in the world;
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se ku ndodhesh kudo ne bote;
05:10
the touchscreen display, which makes it also
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Eshte ekran me prekje, gje qe e ben
05:13
a really easy-to-use phone for anybody.
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telefonin shume te lehte per tu perdorur nga kushdo.
05:15
These are the very smart, revolutionary bits about the iPhone,
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Keto jane gjerat me te zgjuara dhe revolucionare te iphone,
05:19
and they're all government-funded.
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DHE.. te gjitha keto jane te financuara nga qeveria.
05:23
And the point is that the Internet
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Interneti eshte financuar
05:26
was funded by DARPA, U.S. Department of Defense.
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Nga Departamenti Amerikan i Mbrojtjes.
05:28
GPS was funded by the military's Navstar program.
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Navigatori eshte financuar nga program Navstar i ushtrise.
05:32
Even Siri was actually funded by DARPA.
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Madje edhe Siri eshte financuar nga Departamenti American i Mbrojtjes.
05:35
The touchscreen display was funded
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Ekrani me prekje eshte financuar
05:37
by two public grants by the CIA and the NSF
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nga dy fonde publike qe CIA dhe NSF ju dha
05:41
to two public university researchers at the University of Delaware.
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dy kerkuesve te Universitetit te Delaware.
05:46
Now, you might be thinking, "Well, she's just said
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Po te vini re, kam perdorur termat mbrojte
05:48
the word 'defense' and 'military' an awful lot,"
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dhe ushtri ne te gjitha rastet,.
05:50
but what's really interesting is that this is actually true
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Eshte shume intersant fakti qe kjo ndodh shpesh dhe edhe ne
05:53
in sector after sector and department after department.
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sektore dhe departamente te ndryshme.
05:56
So the pharmaceutical industry, which I am personally
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Industria farmaceutike, te cilen une e kam shume perzemer
05:58
very interested in because I've actually had the fortune
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sepse kam pasur fatin ta studioj
06:00
to study it in quite some depth,
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ne shume thellesi,
06:02
is wonderful to be asking this question
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eshte rasti konkret ku mund te ngrihet pyetja
06:05
about the revolutionary versus non-revolutionary bits,
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rreth gjerave revolucionare dhe jo revolucionare
06:07
because each and every medicine can actually be
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sepse ilacet mund te grupohen ne grupe revolucionare
06:09
divided up on whether it really is revolutionary or incremental.
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ose grupe permisimi.
06:13
So the new molecular entities with priority rating
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Per shembull, shpikjet e reja molekulare
06:16
are the revolutionary new drugs,
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jane ilacet revolucionare,
06:18
whereas the slight variations of existing drugs --
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ndersa variacionet e ilaceve ekzistuese--
06:21
Viagra, different color, different dosage --
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si psh viagra ne ngjyre apo doze tjeter --
06:23
are the less revolutionary ones.
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jane me pak revolucinare e me shume te permisuara.
06:26
And it turns out that a full 75 percent
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Faktet tregojne se 75 perqind
06:28
of the new molecular entities with priority rating
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e strukturave te reja molekulare, e ilaceve revolucionare,
06:31
are actually funded in boring, Kafkian public sector labs.
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jane te financuara nga shteti.
06:36
This doesn't mean that Big Pharma is not spending on innovation.
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Kjo nuk do thote qe big pharma nuk po investon ne inovacion,
06:39
They do. They spend on the marketing part.
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sepse ne fakt investojne por ato fokusohen ne marketing
06:41
They spend on the D part of R&D.
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dhe ne pjesen e zhvillimit.
06:43
They spend an awful lot on buying back their stock,
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Ato harxhojne shume para duke blere aksionet e tyre pasi i kane shitur,
06:46
which is quite problematic.
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gje e cila eshte problematike ne vetvete.
06:48
In fact, companies like Pfizer and Amgen recently
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Kompanite si Pfizer she Amgen kane harxhuar me shume para
06:50
have spent more money in buying back their shares
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ne ri-blerjen e aksioneve te tyre per te rritur cmimin
06:52
to boost their stock price than on R&D,
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e aksioneve ne total sesa ne kerkim dhe zhvillim.
06:54
but that's a whole different TED Talk which one day
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Por kjo eshte nje teme tjeter, te cilen ne fakt
06:57
I'd be fascinated to tell you about.
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mund ta kemi ne nje tjeter bisede te TED.
07:00
Now, what's interesting in all of this
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Pjesa me interesante ne gjithe kete eshte qe,
07:02
is the state, in all these examples,
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shteti, ne te gjitha rastet,
07:04
was doing so much more than just fixing market failures.
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po bente me shume sesa thjesht te regullonte problemet e tregut.
07:08
It was actually shaping and creating markets.
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Shteti po formonte dhe krijonte tregun.
07:11
It was funding not only the basic research,
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Po financonte jo vetem kerkimet baze,
07:13
which again is a typical public good,
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te cilat jane ne te mire te shoqerise,
07:16
but even the applied research.
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por po financonte dhe zbatimim e kerkimit.
07:17
It was even, God forbid, being a venture capitalist.
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3676
Madje, po vepronte si Kapitalist Privat.
07:21
So these SBIR and SDTR programs,
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3099
Kjo do te thote qe keto programe shteterore,
07:24
which give small companies early-stage finance
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te cilat u mundesuan financim ne hapat e pare ketyre kompanive te vogla,
07:28
have not only been extremely important
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jo vetem qe kane qene shume te rendesishme
07:30
compared to private venture capital,
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ne krahasim me Kapitalet Private,
07:32
but also have become increasingly important.
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3017
por edhe jane bere shume te domosdoshme.
07:35
Why? Because, as many of us know,
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2876
Pse eshte kjo do me thoni ju? Sepse sic dihet,
07:38
V.C. is actually quite short-term.
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Kapitalet private duan fitime ne afate te shkurtra kohore.
07:40
They want their returns in three to five years.
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Ata duan fitimet e tyre brenda nje, tre ose pese vjecari.
07:42
Innovation takes a much longer time than that,
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Inovacionet ne pergjithesi duan me shume kohe per te nxjerre fitimet e tyre,
07:45
15 to 20 years.
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1827
zakonisht 15 deri ne 20 vjet.
07:46
And so this whole notion -- I mean, this is the point, right?
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Dhe pikerisht ketu del edhe argumenti im.
07:49
Who's actually funding the hard stuff?
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Kush po financon gjerat e veshtira?
07:51
Of course, it's not just the state.
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Nuk po them qe eshte vetem shteti.
07:53
The private sector does a lot.
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1230
Edhe sektori privat ndihmon shume.
07:54
But the narrative that we've always been told
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Por arsyetimi qe na eshte thene gjithmone eshte qe
07:56
is the state is important for the basics,
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2883
shteti eshte i rendesishem per te siguruar gjerat baze,
07:59
but not really providing that sort of high-risk,
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dhe jo per te ndihmuar ne ceshtje qe kane risk te madh,
08:01
revolutionary thinking out of the box.
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2300
ne te menduarit revolucionar dhe jashte korrnizave.
08:04
In all these sectors, from funding the Internet
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Por, ne te gjitha keto raste del se
08:06
to doing the spending, but also the envisioning,
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2905
ishte shteti ai qe siguroi financimin e idese se internetit,
08:09
the strategic vision, for these investments,
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2291
shpenzimin, vizionimin
08:11
it was actually coming within the state.
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1588
madje edhe strategjine.
08:13
The nanotechnology sector is actually fascinating
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Fusha e nanoteknologjise eshte shume interesante
08:15
to study this, because the word itself, nanotechnology,
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483697
3098
per tu studiuar ne kete drejtim sepse vete fjala nanoteknologji
08:18
came from within government.
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486795
1971
eshte permendur per here te pare
08:20
And so there's huge implications of this.
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nga vete qeveria.
08:23
First of all, of course I'm not someone,
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2105
Sic kuptohet, une nuk jam tifoze e
08:25
this old-fashioned person, market versus state.
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493218
2002
filozofise se tregut kundrejt shtetit.
08:27
What we all know in dynamic capitalism
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495220
2525
Te gjithe e dime se ne kapitalizem
08:29
is that what we actually need are public-private partnerships.
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3059
duhet nje bashkepunim midis sektorit publik dhe privat.
08:32
But the point is, by constantly depicting
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2739
Problemi eshte se duke e pershkruar
08:35
the state part as necessary
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2125
shtetin si nje pjese te domosdoshme
08:37
but actually -- pffff -- a bit boring
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2881
por ne te njejten kohe -- psss -- te merzitshme
08:40
and often a bit dangerous kind of Leviathan,
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3049
madje edhe si perbindesh te rrezikshem,
08:43
I think we've actually really stunted the possibility
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kemi penguar mundesine
08:46
to build these public-private partnerships
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1572
e ndertimit te bashkepunimit
08:47
in a really dynamic way.
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515922
1546
midis sektorit shteteror dhe privatit.
08:49
Even the words that we often use to justify the "P" part,
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3194
Ne rastet e bashkepunimit midis
08:52
the public part -- well, they're both P's --
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520662
2228
sektorit publik dhe privat
08:54
with public-private partnerships
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1360
P-ja qe perfaqeson sektorit publik, megjithese te edhe sektori privat P-ne ka,
08:56
is in terms of de-risking.
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524250
2055
perdoret per te ulur rrezikun.
08:58
What the public sector did in all these examples
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Ne te gjitha rastet qe ju dhashe,
09:00
I just gave you, and there's many more,
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2087
dhe sigurisht qe ka edhe shume raste te tjera,
09:02
which myself and other colleagues have been looking at,
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3464
sektori publik po ben me shume sesa minimizimin e rrezikut.
09:06
is doing much more than de-risking.
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1550
Ato ne fakt
09:07
It's kind of been taking on that risk. Bring it on.
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535867
2566
po e ndermarrin rrezikun. Po guxojne.
09:10
It's actually been the one thinking out of the box.
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Eshte shteti qe ka menduar jashte korrnizave.
09:13
But also, I'm sure you all have had experience
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541006
2711
Por nga ana tjeter, jam e bindur qe keni pasur eksperience
09:15
with local, regional, national governments,
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543717
2060
me punonjes te pushtetit vendor apo qendror,
09:17
and you're kind of like, "You know what, that Kafkian bureaucrat, I've met him."
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te cilet jane tipiket e burokrateve te ngurte dhe qe nuk arrijne te dalin jashte korrizave.
09:20
That whole juxtaposition thing, it's kind of there.
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548924
3444
Ky konotacion ne lidhje me sektorin publik eshte real, eshte i perditshem.
09:24
Well, there's a self-fulfilling prophecy.
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1814
Ky konotacion krijon permbushjen e profecise vetjake.
09:26
By talking about the state as kind of irrelevant,
225
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2166
Me nje fjale, duke e menduar shtetin si te pavend dhe
09:28
boring, it's sometimes
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556348
2327
si te merzitshem, ne bejme qe keto organizata te jene vertet te tilla
09:30
that we actually create those organizations in that way.
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2212
duke qene se jane personat qe permbushin kete stereotip qe shkojne te punojne per administraten shteterore dhe ato arrijne te mbijetojne sepse krijohet nje kulture e tille.
09:32
So what we have to actually do is build
228
560887
2201
Ajo qe ne duhet te bejme eshte te ndertojme
09:35
these entrepreneurial state organizations.
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2176
nje shtet qe vepron si organizate sipermarrese.
09:37
DARPA, that funded the Internet and Siri,
230
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2489
Para se Departamenti Amerikan i Mbrojtjes te
09:39
actually thought really hard about this,
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1585
financonte Internetin dhe Sirin, analizoi me shume kujdes
09:41
how to welcome failure, because you will fail.
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2693
se si te perballoje deshtimin, sepse shanset qe kjo mund te deshtonte ishin shume te larta.
09:44
You will fail when you innovative.
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1925
Inovacioni shoqerohet gjithmone me rrezikun e deshtimit.
09:45
One out of 10 experiments has any success.
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3872
Vetem nje ne dhjete eksperimente jane te suksesshem.
09:49
And the V.C. guys know this,
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1738
Kapitalet Private e dine kete gje dhe ato arrijne te kompensojne
09:51
and they're able to actually fund the other losses
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1872
9 deshtimet
09:53
from that one success.
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1854
me nje rast te suksesshem.
09:55
And this brings me, actually, probably,
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Kjo na ben te
09:56
to the biggest implication,
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2595
mendojme per pasojat
09:59
and this has huge implications beyond innovation.
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e kesaj filozofie.
10:02
If the state is more than just a market fixer,
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3660
Nese shteti nuk po funksionon thjesht si nje rregullues tregu
10:05
if it actually is a market shaper,
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1812
por me teper si nje krijues tregu,
10:07
and in doing that has had to take on this massive risk,
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595519
2968
dhe sigurisht qe duke bere nje gje te tille ndermerr rreziqe te medha,
10:10
what happened to the reward?
244
598487
1994
cfare perfitimesh ka?
10:12
We all know, if you've ever taken a finance course,
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600481
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Financa na meson mbi marredhenien rrezik - shperblimi
10:14
the first thing you're taught is sort of the risk-reward relationship,
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3406
dhe ne kete menyre na shpjegon se si disa njerez
10:18
and so some people are foolish enough
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jane moskokecares
10:19
or probably smart enough if they have time to wait,
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2462
ose shume te zgjuar sepse e dine qe kane mundesi te presin,
10:22
to actually invest in stocks, because they're higher risk
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610343
2482
dhe e dine qe nese investojne ne blerje aksionesh, meqenese rreziku eshte me i madh sesa te investosh ne bono thesari
10:24
which over time will make a greater reward than bonds,
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612825
2520
edhe shperblimi mund te jete me i madh
10:27
that whole risk-reward thing.
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1579
dhe keshtu shpjegohet marredhenia rrezik - shperblim.
10:28
Well, where's the reward for the state
252
616924
1973
Natyrshem lind pyetja: cfare shperblimi mori shteti
10:30
of having taken on these massive risks
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618897
2456
duke qene se ndermorri nje rrezik shume te madh
10:33
and actually been foolish enough to have done the Internet?
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621353
2459
duke financuar Internetin?
10:35
The Internet was crazy.
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623812
1952
Interneti ishte cmenduri ne ate kohe.
10:37
It really was. I mean, the probability of failure was massive.
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625764
3152
Mundesia e deshtimit te ketij projekti ishte masiv.
10:40
You had to be completely nuts to do it,
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Vetem nje i cmendur mund ta mbeshteste,
10:43
and luckily, they were.
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1781
dhe fatmiresisht per ne ato ishin te tille.
10:45
Now, we don't even get to this question about rewards
259
633307
2501
Normalisht shteti nuk do shikohej si perfitues
10:47
unless you actually depict the state as this risk-taker.
260
635808
4148
pervec rastit kur e shikon shtetin si ndermarres rreziku.
10:51
And the problem is that economists often think,
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2601
Pergjigja e ekonomisteve ndaj kesaj pyetje eshte
10:54
well, there is a reward back to the state. It's tax.
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2486
qe shteti shperblehet nepermjet taksave
10:57
You know, the companies will pay tax,
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1549
Mendimi eshte qe kompania do paguaje taksa,
10:58
the jobs they create will create growth
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2290
punet e hapura do te sjellin rritje ekonomike
11:00
so people who get those jobs and their incomes rise
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648882
3151
dhe ne kete menyre punetoret do tatohen
11:04
will come back to the state through the tax mechanism.
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652033
3224
dhe shteti do marre shperblim nepermjet taksave.
11:07
Well, unfortunately, that's not true.
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655257
1990
Epo fatkeqesisht kjo nuk eshte e vertet.
11:09
Okay, it's not true because many of the jobs that are created go abroad.
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3519
Nuk eshte e vertete sepse ne rradhe te pare shume nga keto
11:12
Globalization, and that's fine. We shouldn't be nationalistic.
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2967
vende pune shkojne jashte Amerikes.
11:15
Let the jobs go where they have to go, perhaps.
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2207
Le te mos harrojme qe jemi ne epoken e globalizimit,
11:17
I mean, one can take a position on that.
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2089
edhe pse ka qendrime te ndryshme ndaj kesaj ceshtje.
11:20
But also these companies
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1664
Por le te mos harrojme qe keto kompani te medha
11:21
that have actually had this massive benefit from the state --
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3072
te cilat kane pasur perfitime kolosale nga shteti
11:24
Apple's a great example.
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672765
1861
- Apple eshte shembulli me i mire --
11:26
They even got the first -- well, not the first,
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674626
2049
legalisht, paguajne shume pak taksa shtetit ne krahasim me fitimet qe kane.
11:28
but 500,000 dollars actually went to Apple, the company,
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4568
Programi SBIC i dha Apple 500.000 dollar
11:33
through this SBIC program,
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681243
2669
dhe ky program
11:35
which predated the SBIR program,
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683912
2048
ishte program shteteror.
11:37
as well as, as I said before, all the technologies behind the iPhone.
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3318
Pavaresisht kesaj
11:41
And yet we know they legally,
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689278
2490
keto kompani, ashtu sikur se edhe shume kompani te tjera,
11:43
as many other companies, pay very little tax back.
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691768
3682
paguajne shume pak taksa.
11:47
So what we really need to actually rethink
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695450
2987
Kjo te ben te mendosh se ndoshta
11:50
is should there perhaps be a return-generating mechanism
283
698437
4259
duhet te instalohet nje mekanizem qe sjell me shume te fitim per shtetin
11:54
that's much more direct than tax. Why not?
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702696
2687
dhe jo vetem fitim ne formen e taksave. E pse jo?
11:57
It could happen perhaps through equity.
285
705383
2570
Nje forme mund te jete duke marre disa aksione te kompanive qe ato financojne.
11:59
This, by the way, in the countries
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707953
1807
Ka disa shtete qe e kane menduar
12:01
that are actually thinking about this strategically,
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2304
me kudes kete strategji,
12:04
countries like Finland in Scandinavia,
288
712064
2131
prandaj shtete si Finlanda
12:06
but also in China and Brazil,
289
714195
2035
por edhe Kina dhe Brazili,
12:08
they're retaining equity in these investments.
290
716230
2330
po mbajne aksione kundrejt ketyre investimeve.
12:10
Sitra funded Nokia, kept equity, made a lot of money,
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3826
Sitra financoi Nokian por mbajti aksione gje qe i solli shume perfitime monetare.
12:14
it's a public funding agency in Finland,
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722386
2660
Sitra eshte nje agjenc fondesh i publike,
12:17
which then funded the next round of Nokias.
293
725046
2826
dhe pas perfitimit monetar fillestar financoi dhe modelet e reja te Nokias.
12:19
The Brazilian Development Bank,
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727872
2009
Banka Braziliane e Zhvillimit
12:21
which is providing huge amounts of funds today
295
729881
2795
jep fonde te medha
12:24
to clean technology, they just announced
296
732676
1797
per zhvillimin e teknologjise pa demtuar mjedisin.
12:26
a 56 billion program for the future on this,
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734473
4249
Ata financuan nje program 56 miliarda,
12:30
is retaining equity in these investments.
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3539
por mbajten aksione ne kete investime.
12:34
So to put it provocatively,
299
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1512
E thene me hapur,
12:35
had the U.S. government thought about this,
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2939
nese qeveria amerikane do e kishte menduar me mire
12:38
and maybe just brought back
301
746712
1844
dhe te kishte krijuar vetem nje
12:40
just something called an innovation fund,
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2425
nje fond per inovacionet
12:42
you can bet that, you know, if even just .05 percent
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3132
jam e sigurte qe do kishte pasur me shume perfitim.
12:46
of the profits from what the Internet produced
304
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1883
Sikur vetem 0.5 perqind e fitimit te Internetit
12:47
had come back to that innovation fund,
305
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1658
te ishte futur ne kete fond per inovacionet
12:49
there would be so much more money
306
757654
1624
qeveria do kishte bere shume me shume para
12:51
to spend today on green technology.
307
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2228
te cilat mund te investoheshin ne teknologjine e paster ne ditet e sotme.
12:53
Instead, many of the state budgets
308
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1494
Perkundrazi, fondet te cilat
12:55
which in theory are trying to do that
309
763000
2598
duhej te financonin te tilla inovacione
12:57
are being constrained.
310
765598
1836
jane te kufizuara ne ditet e sotme.
12:59
But perhaps even more important,
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1810
Por mbi te gjtiha, ne folem
13:01
we heard before about the one percent,
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769244
1867
per rriskun e investimit ne inovacion,
13:03
the 99 percent.
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1575
se si vetem 1 ne njeqind eshte sukses.
13:04
If the state is thought about in this more strategic way,
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3745
Sa mire do ishte sikur shteti ta mendoje me strategjikisht per kete
13:08
as one of the lead players in the value creation mechanism,
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3033
duke qene se luan pjesen kryesore,
13:11
because that's what we're talking about, right?
316
779464
1821
sepse ne fakt kete ka bere apo jo?
13:13
Who are the different players in creating value
317
781285
1934
Kush jane vertet lojtaret kryesore ne zhvillimin
13:15
in the economy, and is the state's role,
318
783219
2295
ekonomik? Meqenese qenka shteti, eshte e vertet qe
13:17
has it been sort of dismissed as being a backseat player?
319
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3729
roli i tij eshte menjanuar duke u bere te besohet se shteti eshte nje lojtar pasiv ne kete proces?
13:21
If we can actually have a broader theory
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2355
Nuk do ishte mire sikur te kishim nje teori me
13:23
of value creation and allow us to actually admit
321
791598
2053
gjithperfshirese per zhvillimin e ekonomise e cila
13:25
what the state has been doing and reap something back,
322
793651
3051
pranon ndihmen qe shteti ka dhene dhe e lejon ate
13:28
it might just be that in the next round,
323
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2819
te marre dicka ne shkembim, te marre perfitimet ekonomike qe meriton.
13:31
and I hope that we all hope that the next big revolution
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799521
2566
Ne kete menyre, nese revolucioni tjeter i rradhes do te jete
13:34
will in fact be green,
325
802087
1641
krijimi i nje mjedisi te paster dhe teknologjie qe nuk demton mjedisin,
13:35
that that period of growth
326
803728
1723
ajo periudhe rritje ekonomike
13:37
will not only be smart, innovation-led,
327
805451
2690
jo vetem qe do sjelle ndryshime pozitive dhe perfitime kolosale
13:40
not only green, but also more inclusive,
328
808141
3186
per themeluesit e saj, por do jete edhe gjithperfshirese
13:43
so that the public schools in places like Silicon Valley
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811327
3254
ne menyre qe edhe shkollat publike perreth, sic idealisht do kishte qene
13:46
can actually also benefit from that growth,
330
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2740
ne Silicon Valley, te perfitojne nga kjo rritje ekonomike,
13:49
because they have not.
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1599
sepse deri tani ato nuk kane perfituar asgje.
13:50
Thank you.
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1253
Faleminderit
13:52
(Applause)
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5247
(Duartrokitje)
Translated by Elona Bytyci
Reviewed by Helena Bedalli

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ABOUT THE SPEAKER
Mariana Mazzucato - Innovation economist
Which actor in the economy is most responsible for making radical innovation happen? Mariana Mazzucato comes up with a surprising answer: the state.

Why you should listen

States and governments are often depicted as slow, bureaucratic, risk-averse. That argument is used in support of making states smaller and the private sector bigger. In her latest book, The Entrepreneurial State: Debunking Private vs. Public Myths in Innovation and in her research, Mariana Mazzucato offers a bold contrarian view: States aren't only market regulators and fixers, but "market makers" -- actively creating a vision for innovation and investing in risky and uncertain areas where private capital may not see the ROI. Yes: Private venture capital is much less risk-taking than generally thought. As an example, the technology behind the iPhone and Google exists because the U.S. government has been very interventionist in funding innovation. Private investors jumped in only later. The same is true today of what promises to be the next big thing after the Internet: the green revolution.

Mazzucato, a professor of economics at the Science and Technology Policy Research Unit (SPRU, University of Sussex), argues that Europe needs today to rediscover that role -- that what the continent needs is not austerity but strategic investments (and new instruments such as public investments banks) towards an "innovation Union."

More profile about the speaker
Mariana Mazzucato | Speaker | TED.com