Enhanced descriptions from Syndetics:

Conventional wisdom holds that innovation is the preserve of the private sector, best left in the hands of that modern day folk hero - the lone entrepreneur. In this popular tale, the role of the public sector is simply to get out of the way, at best fixing market failures, in order to facilitate our daring hero's bold, risk-taking endeavours. But what if this powerful, contemporary myth is wrong?

In this sharp and controversial expose, Mariana Mazzucato comprehensively debunks the myth of a lumbering, bureaucratic state weighing down a dynamic private sector, to reveal how public investments have been behind many of the greatest innovations of our time. From the technologies that make the iPhone 'smart', to biotech, pharmaceuticals and today's emerging green technologies, it is the state that has been the investor of first resort, our boldest and most valuable innovator. Meanwhile, the private sector only finds the courage to invest after the State has made the truly pioneering, high-risk investments.

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Library Journal Review

Economist Mazzucato (RM Phillips Chair in the Economics of Innovation, Science Policy Research Unit, Univ. of Sussex, UK; Firm Size, Innovation and Market Structure) sets out to dispel the myth that the private sector is the primary economic engine that drives innovation, noting that much of the innovation in the marketplace has its foundation in government-sponsored research. Apple, often considered the epitome of technological advancement, is shown to be a packager (albeit a good one) of technology rather than a creator. Almost without exception, every Apple device is dependent on inventions made possible through government analysis. At the same time, Mazzucato points out that the company seeks to repay this investment by offshoring the profits. In a similar vein, the author examines big pharma and venture capital-and both pale with respect to government investment. Many of the author's examples were brought about through government research-the Internet, global positioning, touch screens, and solar cells-though, revealing its Achilles' heel, government has exacted little in the way of compensation. VERDICT Required reading for elected officials.-Steven Silkunas, Fernandina Beach, FL © Copyright 2015. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.