Titlebook: Welfare Economics in Theory and Practice; Catherine M. Price Textbook 1977Latest edition Catherine M. Price 1977 econometrics.economic pol

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Cost-Benefit Analysisits do not adequately reflect the full consequences of a project. It is to help take account of these ‘non-financial’ implications that the technique of cost—benefit analysis has been developed, and the brief outline given in this chapter, and the example in Chapter 12, may give the reader some idea

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The Third London Airport — A Cost-Benefit Analysis years of speculation on where such a project should and would be placed and a vigorous campaign from those affected by Stansted Airport to prevent its development as a major civil airport. The Commission was thus dealing with issues which raised strong feelings in those living near potential sites,

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Resource Costs of Mining Labourts [1970]. This illustrated how a divergence between private and social costs might arise in the labour market, and outlined some approaches to this situation. First, let us briefly follow the P.I.B.’s approach and then examine some of the assumptions involved in its analysis.

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The Compensation Principleolve just such combinations of loss and gain; changes which incur only benefits for all members of society are usually undertaken without needing specific economic analysis. Problems arise when gain for one sector of society can be achieved only at the cost of decreased welfare for another.

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Assessment of Neoclassical Welfare Economicsrovided by Pareto’s theory for the second-best situation, which forms the background for most economic decisions. These considerations do not create an encouraging impression for theorist or practitioner in the field of welfare economics, and it may be helpful to try and assess the arguments in a wider context.

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Cost-Benefit Analysis of this technique for use in economic appraisal. It can be used in any case where financial returns are an inadequate guide to the real effects of investment, and is particularly suitable if a product is not sold in the market so there is no revenue to give a guide to consumer evaluation (for example in the health and education sectors).