Welcome to Mission Economics

A conversation about the links between new economic thinking and lessons from practice

Welcome!

I considered calling this Substack "Theory and Practice". Practice-based theorizing, which I will explore in depth in a future post, is about the continuous feedback loop between theory and implementation. Each informs and refines the other. It's not just about testing theory in the real world; it's about learning from real-world experiences to shape and evolve our way of understanding how the economy works, and should work. At the Institute for Innovation and Public Purpose (IIPP) at University College London, which I founded in 2018, we use this approach to support policymakers in their specific problems, whether these be around designing public banks, outcomes oriented procurement strategy, or green industrial strategy. The cycle of learning, exchange, dissemination, and training allows us to develop theories that are sensitive to the real dynamics that play out in systems, organizations, and between people.

Source: UCL Institute for Innovation and Public Purpose

As an economist, I have long questioned the assumptions underpinning contemporary economics and the policies that flow from them. Our current challenges—from the climate crisis to rising inequality, from crumbling public services to the digital divide—are not accidents. They are the direct result of how we have chosen to structure our economies. We have bought into the idea that at best governments can fix market failures and that businesses should be driven by shareholder value. Both governance structures are creating a dysfunctional form of capitalism, where policy is too little too late, and financialized businesses are spending more on areas like share buybacks than on the much needed investments we need to make the ‘real economy’ more innovative, inclusive and sustainable.

Through my books and research, I confront these issues exploring how we can reshape economics as a discipline and economies through better policy to better serve people and the planet. This is not about a rosy ‘we’re all in it together’ narrative. Rather, it’s about pointing to the bottlenecks that are preventing change, and to the need to combat incumbent interests.

Besides my academic work I also write books to popularize ideas.

"The Entrepreneurial State: Debunking Public vs. Private Sector Myths," revealed how state investments got us most of the technology that makes our smart phones smart and not stupid: the internet, GPS, touch screen display and Siri—and by not appreciating this, or structuring the contracts properly, we are cheating the ‘public’.

"The Value of Everything: Making and Taking in the Global Economy" examined what it means to put collective value creation at the heart of our economies, and to socialize the benefits that arise from that—rather than what normally happens: sharing risks and privatizing rewards.

"Mission Economy: A Moonshot Guide to Changing Capitalism" explored how to redesign policies and all tools that governments have at their disposal in an outcomes oriented way, catalyzing an economy-wide transformation that is goal-oriented—we did it to get to the Moon, why can’t we be as ambitious with climate change?

"The Big Con: How the Consulting Industry Weakens our Businesses, Infantilizes our Governments and Warps our Economies," co-authored with my brilliant PhD student Rosie Collington, investigates the need to rebuild public sector capabilities after decades of outsourcing—and the dangers and conflicts of interest in the rising ‘consultification’ of our governments.

My upcoming book will explore a new economics of the common good: how the 'telos' (goals) are as important as the 'polis'—how we structure our relationships and democracies matters! You can learn more about this in a recent article I wrote on the subject: Governing the Economics of the Common Good.

It's been great to see how concepts like the ‘entrepreneurial state’ and ‘mission-oriented policies’ have taken hold since I started writing about them more than 10 years ago. But it’s also dangerous when ideas are half adopted, or only serve to cover old wine in new bottles. Growth is not a mission! It’s the result of mission oriented thinking: growth will only result if we catalyze a new wave of public and private investments around key challenges like net zero and health for all. But what does this mean in terms of rethinking the direction of growth, the design of outcomes oriented policies, and the building of symbiotic instead of parasitic partnerships between business, the state and civil society?

In my Substack posts I will share my thinking on economic debates—from why austerity is self-defeating to the need for rethinking the international financial architecture—to insights from my global work with governments and organizations where these ideas are put into practice—never easy but we must try. From Brazil to Barbados, from the WHO Council on the Economics of Health for All to the Global Commission on the Economics of Water, I hope this platform can offer a unique vantage point to examine how theory meets implementation challenges. And while many are skeptical about politicians and businesses, I hope to bring back some hope around the individuals and organizations that are trying their best—and what we can learn in the process.

Why start this now? Because we're at a critical juncture. Governments worldwide are grappling with how to address grand challenges while fostering economic growth. The old models aren't working. We need new economic thinking that can help shape markets to deliver for people and planet—and we need to learn from each other's successes and failures in implementing these ideas.

This isn't just a newsletter—it's an invitation to join a growing community of thinkers and practitioners who believe in the potential of purposeful, mission-oriented economics. Whether you're working in government, writing policy, running a business, studying economics, or simply curious about new economic ideas, I hope you'll find value here.

I'll share my thoughts, but I'm equally eager to hear yours. By subscribing, you're becoming part of a conversation about how we can collectively shape an economy that truly delivers for all.

Let's rethink, reshape, and reimagine an economics underpinned by a sense of collective purpose.

Welcome to Mission Economics!

(under the About Page you can see what to expect and opt in/out for)

Mariana