IMPACT has become an important concept in social entrepreneurship. When more financial resources are deployed to have more impact, the worlds of social change and finance combine, and they clash. Large “impact funds” have formed to improve education and public health, save the natural environment, and for other social causes. They cannot have the desired impact on the lives of people unless they change their theory-in-use of what impact is and how it is produced.
Conventional management science says programmes must be “focused”; money must be used “efficiently”; and progress must be. . .
