But of course, PPPs can also create value by creating new, organic utility. Instead of removing inefficiencies, PPPs can create new opportunities, such as the construction of new public fitness centers by Singapore's Health Promotion Board.
Turning once again to the Covid-19 crisis, we might point to PPP-based efforts to develop a vaccine, creating a new, supportive environment for the private sector to innovate on a record-setting timeline. As of this writing, vaccines developed by Moderna, AstraZeneca, and Pfizer-BioNTech have already received emergency use authorization in a handful of countries based on their safety and efficacy.
Of course, some frameworks, such as "converting liabilities into assets," involve both mitigating obstacles and creating new opportunities simultaneously.