To press non-economic values into the framework of the economic calculus, economists use the method of cost/benefit analysis…it is a procedure by which the higher is reduced to the level of the lower and the priceless is given a price. It can therefore never serve to clarify the situation and lead to an enlightened decision. All it can do is lead to self-deception or the deception of others; for to undertake to measure the immeasurable is absurd and constitutes but an elaborate method of moving from preconceived notions to forgone conclusions….
—E. F. Schumacher (1973)
Chapter 5 Preview
When you have completed reading this chapter you will:
• realize that market values for certain costs and benefits are not always ...
Get Basic Cost Benefit Analysis for Assessing Local Public Projects, Second Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
