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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Affiliation: | (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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