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Cost-based methods - Relocation Cost
This method is applicable in situations where natural environment in a particular area is put to some alternative use. For example, the cost of establishing a new protected forest area. In this method, the flow of ecological functions is maintained as in restoration cost and replacement cost techniques.
The difference, however, is that instead of recreating ecological functions in the vicinity, the inhabitants are moved to a different locality.
What are objectives of fiscal policy
externalities produced by a monopolist
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One shortcoming of neoclassical welfare economics is that it does not take into account the institutional structure of collective decision making. To draw normative conclusions abo
PIGOVIAN APPROACH Pigou assumed that the aim of social policy is to 'promote welfare'. But in order to simplifL this, he chose to restrict the range of his inquiry to
three basic economics difference between them and definations
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1. is pareto improved demonstrated using the edgeworth box daigram?
types of welfare economics
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