There is widespread agreement among economists that market prices, including exchange rates and interest rates, are not reliable measures of social costs and benefits.


Market Price Income Distribution Foreign Exchange Public Investment Shadow Price 
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  1. 1.
    Tinbergen, Jan, Design for Development (Washington: Economic Development Institute, IBRD, 1955);Google Scholar
  2. Little, I. M. D. and Mirrlees, J. A., ‘Project Appraisal and Planning for Developing Countries’ (Heinemann, 1974).Google Scholar

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© Alec Cairncross and Mohinder Puri 1976

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  • Alec Cairncross

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