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Economics of the Common Good: A Vatican Dialogue with Mariana Mazzucato, PM Mottley & Pope Francis

On November 14th 2024, Prof Mazzucato convened a historic dialogue at the Vatican, featuring Prime Minister of Barbados Mia Mottley and Pope Francis, to make the case for a fundamental reimagining of economics to serve the common good. This conception of economics is underpinned by the need to move beyond the idea of the public good, which sees the state’s role as simply fixing market failures, to an economics of the Common Good, in which the state takes an objective oriented approach that actively shapes the economy to address our greatest global challenges, from the climate and water crises to the digital and health inequalities. Chapters: 0:00 Introduction 1:15 Prof Mazzucato on limits of market failure framework 2:30 PM Mottley on why missions are required to address our challenges 4:30 Pope Francis on the need for an economics of the common good 5:00 PM Mottley on the Bridgetown Initiative 6:00 Prof Mazzucato defines her new economics of the common good 7:30 Prof Mazzucato outlines the 5 core principles of this new approach 9:20 Call to action Speakers: Mariana Mazzucato, Professor in the Economics of Innovation and Public Value at University College London (UCL), Founding Director of the UCL Institute for Innovation and Public Purpose Mia Mottley, Prime Minister of Barbados His Holiness Pope Francis, Head of the Catholic Church and Sovereign of the Vatican City State Archbishop Vincenzo Paglia, President of the Pontifical Academy for Life Sabina Castelfranco, CBS journalist (moderator) For more on the Economics of the Common Good: Academic paper: Governing the economics of the common good: from correcting market failures to shaping collective goals - Mazzucato, M. (2023). Governing the economics of the common good: from correcting market failures to shaping collective goals. Journal of Economic Policy Reform, DOI: 10.1080/17487870.2023.2280969. Report: Global Commission on the Economics of Water (2024). THE ECONOMICS OF WATER: Valuing the Hydrological Cycle as a Global Common Good. Available at: https://www.ucl.ac.uk/bartlett/public... Report: Leveraging digital public infrastructures for the common good - Mazzucato, M., Eaves, D. and Vasconcellos, B. (2024). Digital public infrastructure and public value: What is ‘public’ about DPI ? UCL Institute for Innovation and Public Purpose, Working Paper Series (IIPP WP 2024-05). Available at: https://www.ucl.ac.uk/bartlett/public... Report: Modern Housing: An environmental common good - Hill,D. and Mazzucato, M. (2024). Modern Housing: An environmental common good. Council on Urban Initiatives. (CUI DP 2024-02). UCL Institute for Innovation and Public Purpose Working Paper Series: IIPP WP 2024-03. Available at: https://www.ucl.ac.uk/bartlett/public... News Story: Prof Mazzucato Convenes Dialogue at Vatican to Call for Economics of the Common Good as COP29 Stalls - https://www.ucl.ac.uk/bartlett/public... UCL IIPP - https://www.ucl.ac.uk/bartlett/public...