Limits of economic analysis - Revision history

John P: /* Assumed complete knowledge */

2013-10-23T14:35:41Z

Assumed complete knowledge

John P: /* Assumed complete knowledge */

2013-10-23T14:34:34Z

Assumed complete knowledge

John P at 14:33, 23 October 2013

2013-10-23T14:33:24Z

John P at 14:32, 23 October 2013

2013-10-23T14:32:48Z

John P at 14:31, 23 October 2013

2013-10-23T14:31:38Z

Albert at 22:51, 30 January 2013

2013-01-30T22:51:46Z

Albert: Text replace - "website=(.*)" to ""

2013-01-30T19:11:08Z

Text replace - "website=(.*)" to ""

Albert: Text replace - "(.*)" to ""

2013-01-30T18:04:27Z

Text replace - "<websiteFrame>(.*)" to ""

Albert: Text replace - "= MAP =" to ""

2013-01-30T16:30:16Z

Text replace - "= MAP =" to ""

Albert: Text replace - "= {{PAGENAME}} =" to ""

2013-01-30T15:27:42Z

Text replace - "= {{PAGENAME}} =" to ""

@@ Line 11: / Line 11: @@
 ==Assumed complete knowledge==
-Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>, results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
+Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>,(an Indian economist and a Nobel laureate who has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, and indexes of the measure of well-being of citizens of developing countries) results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
 An example:

@@ Line 11: / Line 11: @@
 ==Assumed complete knowledge==
-Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
+Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>, results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
 An example:

@@ Line 5: / Line 5: @@
 ==Consequential focus==
-Economic tools such as the [[Social cost-benefit analysis|cost-benefit analysis]] assume a basic rationale that things are worth investing in if the positive effects outweigh the negative ones. This imposes an evaluation of costs and benefits with a focus on the consequences of the respective decisions<ref name="Sen">Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 936.</ref>. However, this guidance by consequences can violate fundamental rights (such as civil rights) and is irrespective of actions based on their “rightness” or “duty/obligation”.
+Economic tools such as the [[Social cost-benefit analysis|cost-benefit analysis]] assume a basic rationale that things are worth investing in if the positive effects outweigh the negative ones. This imposes an evaluation of costs and benefits with a focus on the consequences of the respective decisions<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 936.</ref>. However, this guidance by consequences can violate fundamental rights (such as civil rights) and is irrespective of actions based on their “rightness” or “duty/obligation”.
 An example:
@@ Line 11: / Line 11: @@
 ==Assumed complete knowledge==
-Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref name="Sen">Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref name="Sen">Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
+Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref>Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
 An example:

@@ Line 11: / Line 11: @@
 ==Assumed complete knowledge==
-Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref name="Sen"> p.939</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref name="Sen">p.941</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
+Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref name="Sen">Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 939.</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref name="Sen">Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 941.</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
 An example:

@@ Line 5: / Line 5: @@
 ==Consequential focus==
-Economic tools such as the [[Social cost-benefit analysis|cost-benefit analysis]] assume a basic rationale that things are worth investing in if the positive effects outweigh the negative ones. This imposes an evaluation of costs and benefits with a focus on the consequences of the respective decisions<ref>Sen, A.K.(2000). The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 936.</ref>. However, this guidance by consequences can violate fundamental rights (such as civil rights) and is irrespective of actions based on their “rightness” or “duty/obligation”.
+Economic tools such as the [[Social cost-benefit analysis|cost-benefit analysis]] assume a basic rationale that things are worth investing in if the positive effects outweigh the negative ones. This imposes an evaluation of costs and benefits with a focus on the consequences of the respective decisions<ref name="Sen">Sen, A.K.(2000): The discipline of cost-benefit analysis. Journal of Legal Studies 29(S2): p. 936.</ref>. However, this guidance by consequences can violate fundamental rights (such as civil rights) and is irrespective of actions based on their “rightness” or “duty/obligation”.
 An example:
@@ Line 11: / Line 11: @@
 ==Assumed complete knowledge==
-Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref>Ibid. p.939</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref>Ibid, p.941</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
+Economic analysis tends to assume “completeness of knowledge” of all the effects and corresponding weights<ref name="Sen"> p.939</ref>. Apart from the fact that the used techniques are an estimate rather than a precise measurement, there is the risk in daily practice that in search of completeness the economic analysis results in judgements that are without justification, which, according to Sen (2000, p.941), results in ignoring “the less exactly measured consequences or less clearly agreed values, even though they may be extremely important”<ref name="Sen">p.941</ref>. Examples of these often ignored consequences are the environmental effects, the effects on quality of life, etc.
 An example:

@@ Line 28: / Line 28: @@
 {{references}}
-http://securipedia.eu/cool/index.php?concept=<replace with pagename>
-width=100%
-border=0
-scroll=auto
-align=middle
-</websiteFrame>
-<headertabs/>

@@ Line 31: / Line 31: @@
-<websiteFrame>
 website=http://securipedia.eu/cool/index.php?concept=<replace with pagename>
 width=100%

@@ Line 1: / Line 1: @@
 [[Category:Economic]][[Category:Ethical]]
-= {{PAGENAME}} =
 [[File:ae.png|25px|right|This is a page providing background in a specific field of expertise]] [[Economic tools]] facilitate in the preparation of a robust urban plan and can help with making a city more resilient against crime and terrorism, but there are also some fundamental and methodological '''limits of economic analysis/tools''' that have to be considered.