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Question: Evaluate the persuasiveness of Mazzucato’s arguments in The Value of Everything (2018) using the concepts outlined in Chapter 6 of Dyer, L. (2019). Critical Thinking for Business Students

12 Oct 2022,9:09 PM

 

Evaluate the persuasiveness of Mazzucato’s arguments in The Value of Everything (2018) using the concepts outlined in Chapter 6 of the Critical Thinking… text. Be sure to outline which aspects you find particularly persuasive and which elements you find less persuasive, and why.

Required Readings

Dyer, L. (2019). Critical Thinking for Business Students. Captus Press. (Chapter 6: Techniques of persuasion)

Mazzucato, M. (2018) The Value of Everything. Public Affairs, New York, NY. (Preface: Stories About Wealth Creation, pp. xiii-xix; Introduction: Making versus Taking, pp. 1-15)

Expert answer

 

Mazzucato’s arguments in The Value of Everything are persuasive. She uses the concepts of opportunity cost and sunk costs to argue that the private sector often does not take into account the full cost of doing business. For example, the private sector is more interested in profits than in creating value for society. Mazzucato also argues that the government should play a larger role in creating value for society. She cites examples such as the Internet and the iPhone, which were both created with government funding.

Overall, Mazzucato’s book is a well-argued and convincing case for why the government should play a larger role in the economy. However, there are some potential criticisms of her argument. First, it is not clear that the private sector is always less effective than the government at create value for society. For example, private companies have been responsible for many important innovations, such as the development of new drugs and medical technologies. Second, Mazzucato does not discuss how the government can create value without also increasing the size of government bureaucracy. This is an important issue that needs to be addressed in order for her argument to be fully convincing. Overall, though, The Value of Everything is an important and thought-provoking book that makes a strong case for why the government should play a larger role in the economy.

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