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Journal Article
Social impact bonds: lessons learned so far
Although Pay for Success (PFS) contracts have received widespread attention in the United States and abroad, there is nothing fundamentally new about governments paying for outcomes. Performance clauses in construction contracts are common, and the Department of Defense has procured services using performance-based contracting for years. Many state and local governments now use performance clauses in their procurement of human services, for example by providing bonuses to contractors administering job training programs based upon the number of clients who obtain and/ or retain jobs. What ...
Journal Article
Capital costs, industrial mix, and the composition of business investment
The composition of business investment in the United States changed dramatically during the 1980s. Workplaces were transformed as a result of investments in information processing equipment such as computers, fax machines, copiers, and sophisticated telephones. Businesses built new office towers and shopping malls, but few industrial facilities. ; This article considers the extent to which changes in the cost of capital can account for these shifts. A number of developments occurred in the 1980s that affected the cost of capital more for some industries and assets than others. It is well ...