Professor McKenzie proposes and formulates a method composed of
operational procedures designed to facilitate the evaluation of
economic projects and policies. This method is discussed fully,
illustrated by simple examples, and compared with alternative
procedures. An outline of a computer program that enables readers
to undertake their own calculations is included. In order to
present the approach clearly, the author provides an exposition of
the fundamental ideas and the main alternative approaches to the
problem. These rely on various forms of index numbers and consumer
surplus. However, as is well known, such measures are not capable
of correctly ordering the various alternatives under consideration,
except under highly unrealist assumptions. In this book the author
suggests the abandonment of this traditional approach based on the
concept of 'willingness-to-pay' or the conpensating variation.
Instead, the measure that Samuelson has called the 'money-metric'
should become the cornerstone of applied welfare economics.
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