The Domestic Price System of Economic Analysis

Steve Curry and John Weiss ()
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Steve Curry: International Development Economist and Consultant
John Weiss: University of Bradford

Chapter Chapter 5 in Project Analysis in Developing Countries, 2023, pp 111-156 from Springer

Abstract: Abstract Chapter 4 discussed the need to assess projects from a national point of view and explained the framework behind the procedures of economic valuation. This chapter extends the earlier discussion to show in detail how a project can be analysed using a domestic price numeraire—what we term using the domestic price system. The chapter first elaborates on the distinction between traded and non-traded goods or services produced or used by projects. It then turns to the treatment of the factors of production—labour, land, and capital—used by projects. The exchange rate for converting between foreign and national currencies is clarified, and a further analysis of the use of trade efficiency as a criterion for economic assessment is explained.

Date: 2023
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DOI: 10.1007/978-3-031-40014-8_5

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