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The Stupidity of the Cost-Benefit Standard

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  • Richardson, Henry S

Abstract

Cost-benefit analysis (CBA) is often touted as providing not just an important base of information useful in evaluating government programs, but a general standard of public choice that will help insure the wise and intelligent use of our limited resources. This article argues that (wholly apart from its deficiencies in other respects) CBA cannot provide such a standard. Intelligent deliberation is shown to require a willingness and ability to refashion aims in light of new information that comes in. Cost-benefit analysis, both in general and as a possible standard of choice in the context of democratic lawmaking, makes no room for this crucial aspect of intelligent deliberation. Calling its standard "stupid" for this want of intelligence would be unwarranted if no more intelligent mode of political decision making were available, but there is. The article closes by sketching this superior mode. Copyright 2000 by the University of Chicago.

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  • Richardson, Henry S, 2000. "The Stupidity of the Cost-Benefit Standard," The Journal of Legal Studies, University of Chicago Press, vol. 29(2), pages 971-1003, June.
    • Handle: RePEc:ucp:jlstud:v:29:y:2000:i:2:p:971-1003
    DOI: 10.1086/468102
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    Cited by:

    1. Richard O. Zerbe, 2013. "Ethical benefit–cost analysis as art and science: ten rules for benefit–cost analysis," Chapters, in: Scott O. Farrow & Richard Zerbe, Jr. (ed.), Principles and Standards for Benefit–Cost Analysis, chapter 8, pages 264-293, Edward Elgar Publishing.
    2. Downs, Timothy John & Larson, Heidi Jane, 2007. "Achieving Millennium Development Goals for health: Building understanding, trust and capacity to respond," Health Policy, Elsevier, vol. 83(2-3), pages 144-161, October.
    3. Michael Makowsky & Richard Wagner, 2009. "From scholarly idea to budgetary institution: the emergence of cost-benefit analysis," Constitutional Political Economy, Springer, vol. 20(1), pages 57-70, March.
    4. Jolanta Bijańska & Krzysztof Wodarski & Aneta Aleksander, 2022. "Analysis of the Financing Options for Pro-Ecological Projects," Energies, MDPI, vol. 15(6), pages 1-30, March.

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