#Resource # Karl Polanyi Instead, Mazzucato calls for an "economics of hope." A bolder and competent public sector does not come at the expense of private initiative, but rather creates opportunities for willing private actors. Markets, in this understanding, become tools to be used rather than hedges by cowardly states or some kind of economic 'state of nature.' She points to the great Austro-Hungarian economist Karl Polanyi's understanding of markets as "deeply embedded in social and political institutions. They are outcomes of complex processes, of interactions between different actors in the economy, including government."