Economists' Cost/benefit Approach to Public Policy Requires Them to Assign

question 12

Essay

Economists' cost/benefit approach to public policy requires them to assign a monetary value to all gains and losses of everything, including life. This is controversial and difficult, and may introduce biases. Explain why.

---

Definitions:

Foreign Direct Investment

Investment made by a company or individual in one country in business interests in another country, in the form of either establishing business operations or acquiring business assets.

Multinational Corporations

Large companies that operate and have assets in several countries, beyond their home country, to maximize global market presence.

National Labor Unions

Early labor organizations in various countries that sought to advocate for workers' rights and interests across multiple industries.

Government Regulations

Guidelines and rules established by governmental bodies designed to control and govern the practices and operations of various industries and sectors.