Project Appraisal for the Keynesian Investment Planner

G. Hill

Economic Change and Restructuring, 1999, vol. 32, issue 2, 153-164

Abstract: This paper outlines a theory of project appraisal wherein the neoclassical premises of conventional cost-benefit analysis are replaced by their Keynesian counterparts. The paper shows how the social rate of return on public and private investment, the private and social discount rates, and other concepts used in cost-benefit analysis may be modified to take account of the income externalities generated by the multiplier, mark-up pricing, and the causal priority of investment over saving. Copyright Kluwer Academic Publishers 1999

Keywords: cost-benefit analysis; Keynesian; public investment; social discount rate (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1023/A:1003593331352

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