Social Value is about maximising the impact of public expenditure to get the best possible outcomes.
It looks at what is created, and sometimes what is forsaken, through a commissioning process. It is therefore also about what we value in the public realm and is now recognised in legislation through the Public Services (Social Value) Act 2012. Social value considers more than just the financial transaction. It includes, amongst many other things:
Happiness ✿ Wellbeing ✿ Health ✿ Inclusion ✿ Empowerment
These types of value often accrue to different people, communities, government departments or organisations to the one paying for it, and are not always easy to measure. This does not mean they should not be considered as part of a commissioning process.
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