Abstract
Cost-benefit analysis which is ordinarily used to evaluate separate projects is shown to be equally applicable in choosing among alternative technologies. From the standpoint of national economic profitability, the choice is shown to depend upon the social rate of discount, the weight attached to employment creation per se, and a number of other considerations including country size and the degree of overvaluation of the exchange rate. Illustrative calculations are described using the framework for cost-benefit analysis developed for the United Nations Industrial Development Organization, and sensitivity analysis is used to clarify the relative importance of the several factors discussed.
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