Using cost-benefit analysis in developed and developing countries : is it the same?
Nobel laureate and economist Simon Kuznets put forth the concept of gross domestic product (GDP) in response to a need for good data in public policy planning in the 1930s. Since then, policymakers have increasingly relied upon GDP and other national income indicators. If only one macro indica...
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| Format: | Working Paper |
| Language: | English |
| Published: |
Monetary Authority of Singapore
2022
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| Online Access: | https://www.mas.gov.sg/publications/economic-essays/2017/using-cost-benefit-analysis-in-developed-and-developing-countries-is-it-the-same https://hdl.handle.net/10356/152298 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Nobel laureate and economist Simon Kuznets put
forth the concept of gross domestic product (GDP)
in response to a need for good data in public policy
planning in the 1930s. Since then, policymakers
have increasingly relied upon GDP and other
national income indicators. If only one macro
indicator is available in any given country, chances
are the indicator is the country’s GDP. However,
as Kuznets himself and other critics of GDP have
pointed out, national income statistics are not
ideal measures of welfare (Kuznets, 1934). Of the
many criticisms, two of the more prominent are
the lack of consideration of equity and the fact that
these statistics only measure economic activity
and do not account for non-economic costs of
growth (Kuznets, 1962). |
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