What distinguishes cost-benefit analysis (CBA) from other types of economic assessments is that it measures not just costs but also benefits, and expresses both in monetary terms so that they can be directly compared. Benefits are the positive outcomes that result from an investment, such as fewer crimes or budget savings.
In an uncertain economy, costs are on everyone’s mind, and this concern means that benefits are often overshadowed or misunderstood. This month, the CBKB blog will focus on benefits, beginning with why they are important and what they are. We’ll discuss the question of whose benefits matter and the process of assigning value to them, and cite the work of experts on cost-benefit analysis (CBA) and justice.