From scholarly idea to budgetary institution: the emergence of cost-benefit analysis |
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| Authors: | Michael D Makowsky Richard E Wagner |
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| Institution: | (1) Towson University, Towson, MD, USA;(2) Department of Economics, George Mason University, Fairfax, VA 22030, USA |
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| Abstract: | Cost-Benefit Analysis (CBA) is typically portrayed as a technique for promoting efficiency in government. We don’t deny that
CBA can be used in this manner, but instead focus on a different property of CBA, namely, its evolution from scholarly musings
into a framing institution within which budgetary processes operate. The evolution of CBA into institutional status, moreover,
shows the value of bringing a polyarchical perspective to bear on fiscal organization, wherein budgetary outcomes emerge through
structured interaction among participants. CBA is a product of interaction within a political ecology, as distinct from being
the product of some person’s optimizing choice.
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| Keywords: | Emergence of institutions Cost-benefit analysis Agenda setting Polycentrism |
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