Social Engineering vs. Pragmatism: Part I of Commentary on the...
My former boss at the World Bank, Joseph Stiglitz, has just completed a stint as the head of Sarkozy’s Commission on the Measurement of Economic Performance and Social Progress. The report and the...
View ArticleThe Fatal Flaw in Cost-Benefit Analysis
In Part I of this commentary on the Sarkozy-Stiglitz Commission on the Measurement of Economic Performance and Social Progress, the focus was on the social engineering perspective underlying the search...
View ArticleMathematics of Real Estate Appraisal
While running courses for the World Bank on real estate appraisal in the former Soviet Union taught by western appraisers, I passed the time during the courses by working out the mathematics behind all...
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On a fallacy in the Kaldor-Hicks efficiency-equity analysis
This paper shows that implicit assumptions about the numeraire good in the Kaldor-Hicks efficiency-equity analysis involve a “same-yardstick” fallacy (a fallacy pointed out by Paul Samuelson in another...
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