Contributor(s): Professor John Kay, Professor Mariana Mazzucato | John Kay chaired the Review of UK Equity Markets and Long-Term Decision-Making which reported to the Secretary of State for Business, Innovation and Skills in July 2012. He is a visiting Professor of Economics at the London School of Economics and Political Science, a Fellow of St John’s College, Oxford. He is a Fellow of the British Academy, a Fellow of the Royal Society of Edinburgh. He is a director of several public companies and contributes a weekly column to the Financial Times. He is the author of many books, including The Truth about Markets (2003) and The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry (2009) and his latest book, Obliquity was published by Profile Books in March 2010. Mariana Mazzucato, an economist, holds the RM Phillips Chair in Science and Technology Policy at the University of Sussex (SPRU). Her work focuses on the relationship between financial markets, innovation, and economic growth, and is currently funded by the Institute for New Economic Thinking (INET), the Ford Foundation and the European Commission. She advises the EC on innovation led growth through two expert groups, and is a member of related task forces in the UK, such as the UCL Green Economy Policy Commission. Her work on The Entrepreneurial State (DEMOS, 2011) has had significant policy impact across Europe, and her forthcoming book (Anthem, 2013) with the same title, develops this work further, focusing on the need to develop new frameworks to understand the role of the state in economic growth—and how to enable rewards from innovation to be just as ‘social’ as the risks taken. This lecture is Political Quarterly's Annual Lecture.