government efforts, using them in transformative ways. We may not think of the estimated $19 billion per year

that the U.S. spends to maintain the GPS system, but we would certainly think of it if it suddenly went away.

(Beyond the impact on our daily lives, economists estimate U.S. businesses alone would lose about $1 billion

per day without GPS.)

Mazzucato is one of several prominent economists advocating for an embrace of continued government-

sponsored innovations in order to build economic prosperity, reduce inequality, and manage ongoing

challenges such as drought, coastal changes, and extreme weather. She argues that competitive, private sector

markets are often resistant to the risks involved with large-scale innovation, because failed experiments and

lack of uptake lead to massive corporate and personal losses. Governments can take on riskier research and

development projects. Because government spending is fueled by taxpayers, and all innovation leads to some
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