Financing Innovation and Innovative Finance

Michael Stephens | August 14, 2013

L. Randall Wray and Mariana Mazzucato explain some of the motivation behind their joint project that brings together the insights of Schumpeter and Minsky (note that Schumpeter was Minsky’s dissertation adviser) to explore the relationship between finance and innovation, the changing nature of each, and how the financial system might be restructured to better support the capital development of the economy — by contrast with a system that seems to revolve around financial innovation (the focus of Minsky’s earliest work) for the sake of speculation.

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