The World 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 6 in Project Analysis in Developing Countries, 2023, pp 157-194 from Springer

Abstract: Abstract Chapter 5 discussed how all outputs and inputs in a project analysis can be valued at economic prices using what we have termed the domestic price numeraire. Economic analyses can be carried out using different units of account or numeraire. As with distance, which can be measured in miles or kilometres, the choice of different units makes the same calculation appear different, but provided the same information and equal accuracy are used, the results will be directly equivalent. This chapter shows how world prices can be a reference point for economic valuation in what we term a world price system or valuation at the world price level.

Date: 2023
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DOI: 10.1007/978-3-031-40014-8_6

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