?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.title=IIPP+written+evidence+submission+on+'Sustainability+of+the+UK%E2%80%99s+National+Debt+Inquiry'&rft.creator=Mazzucato%2C+Mariana&rft.creator=Ryan-Collins%2C+Josh&rft.description=There+is+no+magic+number+when+it+comes+to+debt+sustainability.+The%0D%0Asustainability+of+public+debt+depends+on+what+the+government+is+investing+in.+In%0D%0Aother+words%2C+how+debt+is+being+used+is+more+important+than+the+level+of+debt.%0D%0AContrary+to+the+discredited+argument+of+economists+Carmen+Reinhart+and%0D%0AKenneth+Rogoff%2C+which+linked+government+debt+to+weaker+economic+growth+and%0D%0Apromoted+austerity+policies%2C+it+is+critical+to+understand+that+government%0D%0Aspending+can+take+the+form+of+investments+in+the+long-range+drivers+of%0D%0Aproductivity+and+growth.+These+drivers+include%2C+for+example%2C+education+and%0D%0Atraining%2C+research+and+development%2C+and+wider+factors+that+are+critical+to%0D%0Abuilding+an+innovative%2C+resilient%2C+sustainable+and+inclusive+economy.%0D%0AInvestment-led+sustainable+and+inclusive+economic+growth+can+expand%0D%0Athe+productive+capacity+of+the+economy%2C+which+can+in+turn+contribute+to%0D%0Aa+fall+in+the+debt-to-GDP+ratio.%0D%0AHow+this+investment+is+structured+is+also+important.+Mission-oriented+policies%0D%0Acan+turn+big+challenges+like+climate+change+into+market+opportunities%2C%0D%0Acatalyzing+cross-sectoral+innovation+and+investment+oriented+around%0D%0Atackling+these+challenges%2C+leading+to+spillovers+(Mazzucato%2C+2021).+This+can%0D%0Ain+turn+generate+a+multiplier+effect+(i.e.%2C+where+the+growth+enhancing+impacts+of%0D%0Agovernment+investments+are+greater+than+the+increase+in+debt)+(Deleidi+et+al.%2C%0D%0A2019).&rft.publisher=UCL+Institute+for+Innovation+and+Public+Purpose&rft.date=2024-03-12&rft.type=Working+%2F+discussion+paper&rft.language=eng&rft.source=++++UCL+Institute+for+Innovation+and+Public+Purpose%3A+London%2C+UK.+(2024)+++++&rft.format=application%2Fpdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F10196781%2F1%2FMAZZUCATO_Deposit%2520publication_IPP%2520written%2520evidence%2520submission.pdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F10196781%2F&rft.rights=open