Public value

Public value describes the value that an organization contributes to society. The term was originally coined by Harvard professor Mark H. Moore who saw it as the equivalent of shareholder value in public management. Public value is supposed to provide managers with a notion of how entrepreneurial activity can contribute to the common good. Nowadays, public value is no longer limited to the public sector, but is used by all types of organization, including non-governmental organizations and private sector firms. Therefore, the public value researcher Timo Meynhardt from the University of St. Gallen and HHL Leipzig Graduate School of Management uses the term to generally raise the question about organizations' contribution to the common good. He believes that current management concepts, such as shareholder value, stakeholder value, customer value, sustainability or corporate social responsibility, should legitimize themselves in regard to their impact on the common good.

In his (social-)psychological-based concept, public value emerges for individuals from the experiences made in social structures and relationships. Hence, it can be seen as a prerequisite and a resource for successful living. Craul, 2001–2016 proposes a structured model for defining, creating and measuring the health (status) of Public Value Capital, using a commercial, value-based measurement and management framework, adapted specifically to isolate, incorporate and optimise unique public sector assets such as Mandate Capital and Development State Capital (applicable mainly to developing economies and regions) into an integrated service delivery, efficient cost-to-serve, and asset optimisation framework, for a full range of public sector entities, enterprises and institutions. The fundamental objective, design and construct of this framework and system is focused only on ensuring the ongoing visibility, metrics and indicators required to drive optimal service levels and value creation and realisation, for national and regional citizens and communities.

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