The public investment criterion and the role of the state

Abstract

A new orthodoxy in project appraisal has been adopted by the international ‘aid’ agencies in recent years, based on the independent evaluation of public investment proposals. However, it can be shown that generally a more precise definition of the role of the state in the economy is required to make this methodology internally consistent, and in particular, that the resolution of the problem of valuing non‐traded output requires central planning. Further, for implementation in a dependent capitalist economy, a degree of state control is required that greatly exceeds that espoused by these same agencies.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 2 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.