Mazzucato, Mariana;
Ryan-Collins, Josh;
(2022)
Putting value creation back into "public value": from market-fixing to market-shaping.
Journal of Economic Policy Reform
, 25
(4)
pp. 345-360.
10.1080/17487870.2022.2053537.
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Abstract
In conventional economics, value creation occurs in the private sector with the state limited to correcting for “market failures”. Public management scholars have developed the term “public value” to describe how public sector managers can engage citizens in shaping effective policy. A more ambitious concept of public value rejects the “market failure” framework and puts public value at the centre of the economy. Public value is created by public sector actors creating and co-shaping markets in line with public purpose. This direction-setting role enables different sectors to collaborate to address major societal challenges, such as climate change and inequality.
| Type: | Article |
|---|---|
| Title: | Putting value creation back into "public value": from market-fixing to market-shaping |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/17487870.2022.2053537 |
| Publisher version: | https://doi.org/10.1080/17487870.2022.2053537 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose UCL > Provost and Vice Provost Offices > UCL BEAMS UCL |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10147646 |
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