The language of efficiency and effectiveness is important; it appeals to the pragmatic streak inside most Americans. But it’s not enough. No one is going to go to the barricades for utility.
Samuel Gregg
Chapter 4 Preview
When you have completed reading this chapter you will:
• interpret CBA costs as the monetary/dollar value of alternate projects forfeited if this proposed project is implemented. For example, $80,000 spent on any project means one less mile of highway resurfaced;
• understand that full cost exceeds user fees, such as tolls and tuition, for most publicly provided services;
• recognize CBA benefits are monetary/dollar values representing a willingness to pay (WTP) for benefits received; ...
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