Freakonomics Radio (Podcast): We all know the standard story: our economy would be more dynamic if only the government would get out of the way. The economist Mariana Mazzucato says we’ve got that story backward. She argues that the government, by funding so much early-stage research, is hugely responsible for big successes in tech, pharma, energy, and more. But the government also does a terrible job in claiming credit — and, more important, getting a return on its investment….
MAZZUCATO: “…And I’ve been thinking about this especially around the big data and the kind of new questions around privacy with Facebook, etc. Instead of having a situation where all the data basically gets captured, which is citizens’ data, by companies which then, in some way, we have to pay into in terms of accessing these great new services — whether they’re free or not, we’re still indirectly paying. We should have the data in some sort of public repository because it’s citizens’ data. The technology itself was funded by the citizens. What would Uber be without GPS, publicly financed? What would Google be without the Internet, publicly financed? So, the tech was financed from the state, the citizens; it’s their data. Why not completely reverse the current relationship and have that data in a public repository which companies actually have to pay into to get access to it under certain strict conditions which could be set by an independent advisory council?… (More)”