Cost Benefit Analysis

So, should we use cost benefit analysis when trying to work out what to do about matters environmental?

You know, reduce everything to numbers, to filthy lucre, before we decide exactly what we should do?

Some say no. This is a pretty impressive list of economists who say we should:

Arrow, Kenneth J., Baumol, William J., Bhagwati, Jagdish, Boskin, Michael J., Crandall, Robert W., Cropper, Maureen L., Greenstone, Michael, Hahn, Robert W., Harrison, David, Hubbard, R. Glenn, Kahn, Alfred E., Litan, Robert E., Macavoy, Paul W., Miller, James C., Nichols, Albert L., Niskanen, William A., Noll, Roger G., Oates, Wallace E., Passell, Peter, Peltzman, Sam, Portney, Paul R., Rosen, Harvey S., Russell, Milton, Schelling, Thomas C., Schmalensee, Richard, Schultze, Charles L., Smith, V. Kerry Kerry, Smith, Vernon L., Stavins, Robert N., Viscusi, W. Kip, White, Lawrence J. and Zeckhauser, Richard J.,Clean.

I count (purely by eyeballing, could well be wrong) some six Nobel Laureates there.

So, who have the other side got?

10 thoughts on “Cost Benefit Analysis”

  1. How can you make a rational decision on a question with many variables without using numbers?

    Oh right, rationality is passé as well…

  2. BlacquesJacquesShellacqes

    You mean you can use money to measure what people value, what they want and need?

    No way, go on, tell me another one.

  3. Like Mark says: Al Gore.

    Sadly for the greenies, one failed politician with a pc nobel does not beat three pairs of real ones.

    At least not in any game of poker I’ve ever played.

  4. Apologies for being picky, but I can only count three Economics Nobel Laureates:

    Kenneth Arrow 1972
    Thomas Schelling 2005
    Vernon Smith 2002

    Not that I disagree with the point being made.

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