This book, first published in 1967, explores some of the problems
formulating investment criteria for the public sector of a
mixed-enterprise, underdeveloped economy. The typical essay on
public investment criteria explicitly or implicitly postulates a
single goal for economic analysis - maximization of weighted
average of national income over time - and relegates all other
objectives of public policy to a limbo of "political" and "social"
objectives not amenable to systematic, rational treatment. In
contrast Professor Marglin assumes a multiplicity of objectives and
explores ways and means of expressing contributions to different
objectives in common terms. The book also investigates the
relationship of specific investment criteria to the objectives of
public policy. Benefits and costs are defined separately for each
objective, as are so-called "secondary" benefits. This book is
suited for students of economics.
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