The public sector is often described as inefficient, whereas in the collective imagination the private sector seems to have a monopoly on the creation of value, wealth and wellbeing. The concept of wellbeing has evolved over the ages: from the mercantilist vision of accumulation of precious metals, or of goods in the view of classical economists, to the individual approach of neoclassical wellbeing, the Keynesian group perspective, and Gary Becker's incorporation of human capital, until we arrive at today's multidimensional approach, which sees wellbeing as a combination of factors linked to freedom, opportunities, natural and financial resources and capacities, among others.

From this standpoint, the contribution of the public sector to individual and collective wellbeing is fundamental, and goes far beyond the mere image of processing red tape. Public managers face high levels of complexity and stringency, and have to respond to challenges of the magnitude of the climate crisis, demographic changes and the impacts of the technological leap. Their knowledge capital should be of great value for any business school or social organization that seeks to have a positive effect on society.

It is essential to strengthen the reputation of public management in order to attract talent; we need professionals with skills and experience to respond to the challenges of society, with freedom of opinion and professional rigor.

In their book Why Nations Fail, D. Acemoglu and J. Robinson single out the quality of institutions as an explanatory factor for the differences in well-being between countries. Public managers are guarantors of this quality and architects of the transformation of public policies into collective wellbeing.

Jordi Valls is Fourth Deputy Mayor for Economy, Finance, Economic Promotion and Tourism in Barcelona City Council.