ABSTRACT
This chapter argues that there is a need for a clearer understanding of the dynamic processes by which the public does its valuing. It shows that a better understanding of value processes in the public sphere helps to bridge the terminological divide between economists and sociologists, between private-sector dominant reasoning and social-sector reasoning. The chapter outlines a process theory of value and applies this to ‘public value’ so that both the economic cost-benefit rationale and a wider consideration of ‘what the public values’ can be taken into account. It deals with an overview of the process theory of value and also outlines a mechanism that underpins the agreements amongst diverse stakeholders. The chapter offers a series of reflections on the process theory of value in the public context. It also offers a unique interpretation of public value as a process that unfolds dynamically over time.
