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How Government Creates Value?


  • Thompson Fred


  • Rizova Polly

    () (Atkinson Graduate School of Management, Willamette University, Salem OR, USA)


Private enterprises should be concerned with maximizing productivity. Government should be concerned with minimizing risk, perhaps subject to a cost or productivity constraint. Value creation in government ought to strive for consistency, coherency, and transparency. Achieving consistency and coherence in the face of systemic and idiosyncratic risk calls the elaboration of general risk assessment model, which takes account of the various kinds of risk confronted by the diversity of government institutions. Lacking such a model, the best we can hope for is the design and execution of policies and practices that assure reasonably satisfactory outcomes no matter what the future throws at us.

Suggested Citation

  • Thompson Fred & Rizova Polly, 2015. "How Government Creates Value?," Economic Themes, Sciendo, vol. 53(4), pages 449-466, December.
  • Handle: RePEc:vrs:ecothe:v:53:y:2015:i:4:p:449-466:n:1

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    References listed on IDEAS

    1. Mirrlees, James & Adam, Stuart & Besley, Tim & Blundell, Richard & Bond, Stephen & Chote, Robert & Malcolm, Gammie & Johnson, Paul & Myles, Gareth & Poterba, James, 2012. "The Mirrlees Review: A Proposal for Systematic Tax Reform," National Tax Journal, National Tax Association;National Tax Journal, vol. 65(3), pages 655-683, September.
    2. W. Kip Viscusi, 1994. "Mortality Effects of Regulatory Costs and Policy Evaluation Criteria," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 94-109, Spring.
    3. Galeotti, Gianluigi & Breton, Albert, 1986. "An Economic Theory of Political Parties," Kyklos, Wiley Blackwell, vol. 39(1), pages 47-65.
    4. Willem H. Buiter, 1990. "Principles of Budgetary and Financial Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262524139, October.
    5. Howard Kunreuther & Mark Pauly, 2006. "Rules rather than discretion: Lessons from Hurricane Katrina," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 101-116, September.
    6. Howard Kunreuther & Mark Pauly, 2006. "Rules Rather Than Discretion: Lessons from Hurricane Katrina," NBER Working Papers 12503, National Bureau of Economic Research, Inc.
    7. Breton, Albert, 1977. "The Theory of Local Government Finance and the Debt Regulation of Local Governments," Public Finance = Finances publiques, , vol. 32(1), pages 16-28.
    8. Lodge, Martin & Wegrich, Kai, 2011. "Arguing about financial regulation: comparing national discourses on the global financial crisis," LSE Research Online Documents on Economics 39648, London School of Economics and Political Science, LSE Library.
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