How to Take Risks, Make the World a Better Place, and Get Paid
Think of all the public policy problems that the government hasn’t been able to solve. Now imagine that you had a solution for one of them. The government should be interested, right? If your solution really works, they should want to invest in it. They should want to encourage you to make it happen, perhaps monetarily if possible. Well, until recently, they didn’t have many avenues to do so. Enter…“social impact bonds,” and the new system of “payment by results.”
In this episode, Gary Painter walks us through some examples of these new “outcome-based” payment systems to encourage innovative risk-taking to solve wicked problems in public policy.
Prof. Painter is a Professor in the Sol Price School of Public Policy at the University of Southern California. He also serves as the Director of the USC Sol Price Center for Social Innovation. He is a co-author of the new book Payment by Results and Social Impact Bonds: Outcome-Based Payment Systems in the UK and US.
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