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A Public Value Framework for Directing Public Finance

Authored by Mariana Mazzucato, Jose Alejandro Coronado, Leyner Mosquera, Andres Osorio and Ana Steiner

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18 December 2024

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A Public Value Framework for Directing Public Finance:
Insights from the implementation of Colombia’s National Development Plan | UCL Institute for Innovation and Public Purpose (IIPP) | Policy Report no. 2024/14. 

Authors: 

  • Mariana Mazzucato | Founding Director and Professor in the Economics of Innovation and Public Value | UCL Institute for Innovation and Public Purpose
  • Jose Alejandro Coronado | Research Fellow | the UCL Institute for Innovation and Public Purpose 
  • Leyner Mosquera | Policy Fellow | UCL Institute for Innovation and Public Purpose 
  • Andres Osorio | Consultant of Labor Markets and Social Security Division | Inter-American Development Bank

  • Ana Steiner | Research Assistant | UCL Institute for Innovation and Public Purpose 

Abstract:

The Government of Colombia’s National Development Plan (NDP) for 2022– 2026 – “Colombia, potencia mundial de la vida” – brings human and planetary wellbeing to the centre of the country’s economic development agenda, but successful implementation will require fundamental changes to how the government operates. To set Colombia on a path of economic development that truly prioritises “life”, a new framework is needed to define, measure and maximise the public value of public resources, which goes beyond maximising revenue and minimising cost. This framework requires a mission-oriented, whole-of-government and cross-sectoral approach that coordinates the actions of a wide array of economic actors (Mazzucato, 2018b & 2021).  
 
This report explores the role of key institutions that manage assets and finance on behalf of the Colombian government: the Special Assets Society (SAE), the Bicentennial Group (BC), and Colombia Compra Eficiente (CCE), which manages public procurement. It focuses on how a new public value framework and a mission-oriented approach to coordinating investments across government and across sectors could be applied to these three institutions, to better position the country to realise the NDP’s vision for a more just, equitable and sustainable future. 

Reference:

This policy report can be referenced as follows: Mazzucato, M., Alejandro Coronado, J., Mosquera, L., Osorio, A., and Steiner, A. (2024). A Public Value Framework for Directing Public Finance: Insights from the implementation of Colombia’s National Development Plan. UCL Institute for Innovation and Public Purpose, Policy Report 2024/14. Available at: https://www.ucl.ac.uk/bartlett/public-purpose/policyreport-2024-14 

ISBN 978-1-917384-33-9

 

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