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Handbook of Research on Cost–Benefit Analysis

Handbook of Research on Cost–Benefit Analysis

Elgar original reference

Edited by Robert J. Brent

This Handbook provides an authoritative overview of current research in the field of cost–benefit analysis and is designed as a starting point for those interested in undertaking advanced research. The Handbook contains major contributions to the development of the field, focussing on standard microeconomic policy evaluations, the relatively neglected area of macroeconomic policy and its integration into a formal CBA framework, and dynamic considerations in CBA

Chapter 11: Cost–Benefit Analysis of Economic Globalization

Clem Tisdell

Subjects: development studies, development economics, economics and finance, development economics, environmental economics, health policy and economics, methodology of economics, welfare economics, environment, environmental economics, social policy and sociology, health policy and economics


1 Clem Tisdell 1 Introduction Wide differences of opinion exist about the costs and benefits of economic globalization. This is partly because there is disagreement about several effects of economic globalization, empirical evidence is often disputed, economic gains and costs associated with globalization are uneven between existing individuals, and also between present and future generations and between nations, and some consequences (such as reduced national ability to control economic events and changes in economic vulnerability) are difficult to quantify in monetary terms. There is lack of agreement about how interpersonal comparisons of economic benefits and costs should be made. Therefore, it is unrealistic to expect that a single monetary figure can be estimated which accurately measures the net overall benefit of economic globalization. Nevertheless, some quantitative estimates of particular features associated with globalization are available, as is illustrated in this chapter, for example, for product variety and changes in the state of the global environment. Further quantitative cost–benefit work is possible and some features for which this seems practical are identified. The approach which I take here is to identify and critically discuss factors which seem to have a significant bearing on the estimates of costs and benefits of growing globalization. These include greater scope for gains from trading, for enhanced benefits from factor movements particularly of capital, impacts on unemployment, poverty and economic inequality, implications for economic vulnerability and for the state of the environment. Growing economic globalization is assumed in this chapter to be a process that...

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