Myth: Public sector is NOT as efficient as the Private Sector.
The book “The Entrepreneurial State” by Professor Mariana Mazzucato comprehensively debunks the myth of a lumbering, bureaucratic state versus a dynamic, innovative private sector. In a series of case studies—from IT, biotech, nanotech to today’s emerging green tech—Professor Mazzucato shows that the opposite is true: the private sector only finds the courage to invest after an entrepreneurial state has made the high-risk investments.
“Private sector dynamism versus public sector inefficiency has been the dominant political narrative of the last few decades. It has supplied the excuse for repeated, one-directional upheaval in many of the services that we rely on, and which are essential to our quality of life. At best, evidence of private sector superiority is lacking. At worst, such lazy assumptions can cost lives as well as money.” – New Economics Foundation, April 2013.
The Public sector is no less efficient than the private sector.