UCL professor awarded 2018 Leontief Prize

UCL economist, Professor Mariana Mazzucato, has been formally awarded the Leontief Prize for Advancing the Frontiers of Economic Thought, at a ceremony in Medford, Massachusetts, USA. The prize, which is given each year to two leading theorists, recognises outstanding contributions to economic theory that address contemporary realities and support just and sustainable societies. Professor Mazzucato, Director of the UCL Institute for Innovation and Public Purpose, received the award for her path-breaking thinking on the positive role of governments and public sector investment in fostering innovation. Dr. Branko Milanovic, Visiting Presidential Professor at the Graduate Center City University of New York, was a joint recipient for his vital contributions to measuring and responding to global income and inequality. Tufts University's Global Development and Environment Institute (GDAE), which awards the prize, held a presentation ceremony for the two scholars yesterday (Tuesday 17 April). Professor Mazzucato said: "I'm thrilled to receive the Leontief Prize, along with Branko Milanovic. My focus on producing innovation-led growth driven by societal missions, and Branko's focus on ambitious public policies that can reduce inequality, can together be a platform for not only rethinking economics but also for achieving innovation-led inclusive growth." Neva Goodwin, Co-Director of the GDAE, said: "What have been insufficiently recognised, before the work of Mariana Mazzucato, is the critical role of governments in innovation and hence the role of the public sector in the process of wealth creation.