Putting value creation back into “public value”: from market-fixing to market-shaping

In conventional economics, value creation occurs in the private sector with state limited to correcting for “market failures”. Public management scholars have developed term “public value” describe how public managers can engage citizens shaping effective policy. A more ambitious concept of rejects failure” framework and puts at centre economy. is created by actors creating co-shaping markets line purpose. This direction-setting role enables different sectors collaborate address major societal challenges, such as climate change inequality.