“Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist,” wrote JM Keynes in 1935. I was reminded of this when reading that the new Government is planning another review of transport appraisal guidance, citing concerns over its inherent bias against low-carbon proposals. Welcome though these changes may be, the review starts from the flawed assumption that Cost Benefit Analysis (CBA) is an objective...
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