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Pay for Success is not a panacea
Our society needs Pay for Success (PFS) schemes to work. We are spending too much on social programs that do not generate results, too much on high-cost treatments, and not enough on lower cost and more humane prevention. Amid our deteriorating fiscal state, we must figure out how to do more with less. No wonder a growing array of academics, financial intermediaries, consultants, government officials, and New York Times commentators are extolling "The Promise of Social Impact Bonds," an intriguing new variant of the PFS approach. Yet I?m hesitant to jump on the bandwagon, in part because ...