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Project Appraisal for the Keynesian Investment Planner

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  • G. Hill

Abstract

This paper outlines a theory of project appraisal wherein the neoclassical premises of conventional cost-benefit analysis are replaced by their Keynesian counterparts. The paper shows how the social rate of return on public and private investment, the private and social discount rates, and other concepts used in cost-benefit analysis may be modified to take account of the income externalities generated by the multiplier, mark-up pricing, and the causal priority of investment over saving. Copyright Kluwer Academic Publishers 1999

Suggested Citation

  • G. Hill, 1999. "Project Appraisal for the Keynesian Investment Planner," Economic Change and Restructuring, Springer, vol. 32(2), pages 153-164, May.
    • Handle: RePEc:kap:ecopln:v:32:y:1999:i:2:p:153-164
    DOI: 10.1023/A:1003593331352
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    References listed on IDEAS

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    1. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
    2. Musgrave, Richard A, 1969. "Cost-Benefit Analysis and the Theory of Public Finance," Journal of Economic Literature, American Economic Association, vol. 7(3), pages 797-806, September.
    3. Amartya K. Sen, 1967. "Isolation, Assurance and the Social Rate of Discount," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 81(1), pages 112-124.
    4. Bradford, David F, 1975. "Constraints on Government Investment Opportunities and the Choice of Discount Rate," American Economic Review, American Economic Association, vol. 65(5), pages 887-899, December.
    5. Dixon,Huw David & Rankin,Neil, 1995. "The New Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521479479.
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