Economics Environmental Externalities Questions
The concept of social cost-benefit analysis is a method used to evaluate the overall impact of a project or policy on society. It involves comparing the total costs and benefits associated with a particular action or decision, taking into account both the private costs and benefits experienced by individuals directly involved, as well as the external costs and benefits that affect society as a whole. By considering all relevant costs and benefits, social cost-benefit analysis aims to determine whether a project or policy is socially desirable or not.