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Economic calculation and democracy

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  • Yves CROZET

Abstract

Economic calculation, and especially cost benefit analysis (Coba), is more and more criticised and accused to be technocratic and partial, leading to a narrow view of projects. An example of this loss of credibility is the New Approach To Appraisal (NATA), implemented in Great Britain at the end of the 90': a multicriteria analysis where Coba gives only one information among many others, quantitative and qualitative. Nevertheless we don't think that we are facing an unavoidable decline of economic calculation. This paper emphasises the important role that Coba can keep within the public decision process. If we remember Keyne's and Schumpeter's points of view about the roles of forecasting and prices, economic calculation could be useful to help the emergence of collective choices, even in the controversial field of transport infrastructures.

Suggested Citation

  • Yves CROZET, 2004. "Economic calculation and democracy," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 47, pages 155-172.
    • Handle: RePEc:cpo:journl:y:2004:i:47:p:155-172
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    More about this item

    JEL classification:

    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

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