Tuesday, June 3, 2008

Why government policy paid little attention to neoclassical economic approach?

Chris Dillow asked.

The same reasons why results from non-market valuation didn't seem to play a major role in environmental decision-makings: 1) policy is suppose to consider multiple goals and neo-classical economics has efficiency as its major goal, 2) the decision-making process is not entirely transparent and it is hard to document/tell the weight of the economic results.

HT: Tim Harford.

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