Today's guest Mariana Mazzucato is one of our most requested. Mazzucato, who is the director of the UCL Institute for Innovation and Public Purpose, specializes in the political economy of technological development and public sector investment. In our conversation, recorded in Madrid while we are at the Bloomberg CityLab conference, she explains her concept of the "mission economy," her definition of state capacity, how to prevent top talent from fleeing to the private sector, and whether consultants or governments should be blamed for inefficiencies and civic failures. It's a wide-ranging interview, one that covers everything from the initial public financing of Silicon Valley algorithms to the history of moonshots. Chapters: 00:00:00 - Cold Open 00:01:34 - Introduction: Madrid CityLab Conference 00:04:51 - Guest: Mariana Mazzucato 00:06:08 - The Entrepreneurial State and Industrial Policy 00:11:21 - State Capacity vs. Capabilities 00:13:50 - The Consultancy Problem 00:19:11 - When to Use External Expertise 00:25:13 - AI and Mission-Oriented Approach 00:30:29 - AI Regulation and Understanding 00:35:17 - AI as General Purpose Technology 00:41:04 - Politics and Electoral Cycles 00:46:39 - Dignity and Democratic Participation 00:47:14 - Global Examples of Mission-Oriented Policy 00:51:45 - Wrap Up and Final Thoughts Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg