The case for transforming public finance to better support evidence, outcomes, engagement and innovation
This note shares ideas on a long overdue revolution in public finance – that would reshape the tools used to manage public money to better meet the needs of the early 21st century.
I show the strengths and weaknesses of current models of public finance, that are primarily concerned with managing money, and raising it, rather than ensuring it achieves outcomes; I suggest some of the emerging priorities for innovations in finance in relation to evidence, innovation and impact; and I offer some thoughts on what a different landscape of public finance could look like.
I hope the note will provoke a conversation – sharing of promising practices; useful theoretical perspectives; and ideas on how research and action could move things forward. The result could be a new research or action programme for Nesta and other partners.
Please comment down below with your thoughts.