Resilience in social and economic systems: a concept that fails the cost benefit test?

Nick Hanley ()

Environment and Development Economics, 1998, vol. 3, issue 02, pages 221-262

Abstract: One of the first lessons that students of cost-benefit analysis (CBA) learn is to ask whether projects or policies which they are studying generate additional benefits or costs, relative to the status quo. They are also told to be very careful in defining the project/policy which is the subject of their analysis. In my view, the ecological concept of resilience fails the CBA test, when applied to the study of economic and social systems, because it offers no additional insights to those we have already, and appears to be poorly defined.

Date: 1998

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