full transcript
From the Ted Talk by Mariana Mazzucato: Government -- investor, risk-taker, innovator
Unscramble the Blue Letters
And this brings me, actually, probably, to the biggest implication, and this has huge implications beyond innovation. If the state is more than just a market fiexr, if it actually is a market shaper, and in doing that has had to take on this massive risk, what happened to the reward? We all know, if you've ever taken a finance course, the first thing you're tghuat is sort of the risk-reward relationship, and so some people are foolish enough or probably sramt enough if they have time to wait, to actually invest in stckos, because they're heighr risk which over time will make a greater rwared than bonds, that whole risk-reward thing. Well, where's the reward for the state of having taken on these massive risks and actually been foolish enough to have done the Internet? The Internet was crazy. It really was. I mean, the poiatbribly of fliraue was massive. You had to be completely nuts to do it, and luckily, they were. Now, we don't even get to this question about rewards unless you actually depict the state as this risk-taker. And the problem is that economists often think, well, there is a reward back to the satte. It's tax. You know, the cnampieos will pay tax, the jobs they create will create growth so pleope who get those jobs and their incomes rise will come back to the state through the tax mechanism. Well, unfortunately, that's not true. Okay, it's not true because many of the jobs that are created go abroad. Globalization, and that's fine. We shouldn't be nationalistic. Let the jobs go where they have to go, perhaps. I mean, one can take a position on that. But also these companies that have actually had this masvsie benefit from the state — Apple's a graet example. They even got the first — well, not the first, but 500,000 dollars actually went to Apple, the company, through this SBIC program, which predated the SBIR program, as well as, as I said before, all the technologies behind the iPhone. And yet we know they legally, as many other companies, pay very little tax back.
Open Cloze
And this brings me, actually, probably, to the biggest implication, and this has huge implications beyond innovation. If the state is more than just a market _____, if it actually is a market shaper, and in doing that has had to take on this massive risk, what happened to the reward? We all know, if you've ever taken a finance course, the first thing you're ______ is sort of the risk-reward relationship, and so some people are foolish enough or probably _____ enough if they have time to wait, to actually invest in ______, because they're ______ risk which over time will make a greater ______ than bonds, that whole risk-reward thing. Well, where's the reward for the state of having taken on these massive risks and actually been foolish enough to have done the Internet? The Internet was crazy. It really was. I mean, the ___________ of _______ was massive. You had to be completely nuts to do it, and luckily, they were. Now, we don't even get to this question about rewards unless you actually depict the state as this risk-taker. And the problem is that economists often think, well, there is a reward back to the _____. It's tax. You know, the _________ will pay tax, the jobs they create will create growth so ______ who get those jobs and their incomes rise will come back to the state through the tax mechanism. Well, unfortunately, that's not true. Okay, it's not true because many of the jobs that are created go abroad. Globalization, and that's fine. We shouldn't be nationalistic. Let the jobs go where they have to go, perhaps. I mean, one can take a position on that. But also these companies that have actually had this _______ benefit from the state — Apple's a _____ example. They even got the first — well, not the first, but 500,000 dollars actually went to Apple, the company, through this SBIC program, which predated the SBIR program, as well as, as I said before, all the technologies behind the iPhone. And yet we know they legally, as many other companies, pay very little tax back.
Solution
- massive
- fixer
- companies
- people
- reward
- failure
- stocks
- probability
- taught
- higher
- state
- great
- smart
Original Text
And this brings me, actually, probably, to the biggest implication, and this has huge implications beyond innovation. If the state is more than just a market fixer, if it actually is a market shaper, and in doing that has had to take on this massive risk, what happened to the reward? We all know, if you've ever taken a finance course, the first thing you're taught is sort of the risk-reward relationship, and so some people are foolish enough or probably smart enough if they have time to wait, to actually invest in stocks, because they're higher risk which over time will make a greater reward than bonds, that whole risk-reward thing. Well, where's the reward for the state of having taken on these massive risks and actually been foolish enough to have done the Internet? The Internet was crazy. It really was. I mean, the probability of failure was massive. You had to be completely nuts to do it, and luckily, they were. Now, we don't even get to this question about rewards unless you actually depict the state as this risk-taker. And the problem is that economists often think, well, there is a reward back to the state. It's tax. You know, the companies will pay tax, the jobs they create will create growth so people who get those jobs and their incomes rise will come back to the state through the tax mechanism. Well, unfortunately, that's not true. Okay, it's not true because many of the jobs that are created go abroad. Globalization, and that's fine. We shouldn't be nationalistic. Let the jobs go where they have to go, perhaps. I mean, one can take a position on that. But also these companies that have actually had this massive benefit from the state — Apple's a great example. They even got the first — well, not the first, but 500,000 dollars actually went to Apple, the company, through this SBIC program, which predated the SBIR program, as well as, as I said before, all the technologies behind the iPhone. And yet we know they legally, as many other companies, pay very little tax back.
Frequently Occurring Word Combinations
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collocation |
frequency |
public sector |
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silicon valley |
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dynamic venture |
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venture capital |
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private sector |
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market failures |
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big revolution |
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molecular entities |
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priority rating |
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huge implications |
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retaining equity |
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ngrams of length 3
collocation |
frequency |
dynamic venture capital |
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Important Words
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- globalization
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- implications
- incomes
- innovation
- internet
- invest
- iphone
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- legally
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- nationalistic
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- pay
- people
- position
- predated
- probability
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- program
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- risks
- sbic
- sbir
- shaper
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- state
- stocks
- taught
- tax
- technologies
- time
- true
- wait