What is Public Cost Benefit Analysis? (Philosophy of Economics)

An explanation of the ten steps of public cost benefit analysis and the philosophical implications of those steps.
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Information for this video gathered from The Stanford Encyclopedia of Philosophy, The Internet Encyclopedia of Philosophy, The Cambridge Dictionary of Philosophy, The Oxford Dictionary of Philosophy, The Oxford Companion to Philosophy, The Routledge Encyclopedia of Philosophy, The Collier-MacMillan Encyclopedia of Philosophy, the Dictionary of Continental Philosophy, and more! (#CostBenefitAnaysis #AreAllLivesEqual)

[@audiobookfull8]

What is the cost-benefit analysis of enacting Universal Basic Income???

[@andrekoscianski]

Thank you for your channel. Here go my 2 cents, if they are worth that much. Step 2 depends on a distance measure, which also brings in economic questions ("economy" = food, health, etc.). So, in Step 1 we're already entangled in a net (since objectives and needs are all connected). Step 3, it's false that every human being has something to do with a particular policy; or, it is true that you make money with books while people starve on the other side of the globe (so, stop being selfish). Step 4 is a dilemma, since "good" or "bad" is relative, and we'd be back at Step 1, purpose; but the world is spinning and we must do something, that's like the horizon effect in A.I., so put and end to the evaluation and decide, period. Step 5, ok, epistemically challenging, but - hey - going to work every morning we risk dying, so... Step 6, yes, compare things: that's not a problem brought by the "evil money" - or any other standard unit for that matter. That's life, no? To live is to choose, every second - or stay in bed all day long. Maybe the point here (since the beginning) is to choose for others (including future people). That leads to an interesting debate. Step 7, how so, "future generations are less valued/short term impact"? Either I didn't get it, or this one was shallow; simple silly counter-example: keep all your gold in a box for future generations (they are more important), let current people starve and die with no hospitals. Step 8 is still connected to Steps 1 and 2: the subtraction is not that linear. Step 9: Monte Carlo, AHP, etc.: yes, the conclusions are driven by the assumptions and not the calculations. I'd say delegation is a thing here, and I risk predicting that A.I. will intervene in policymaking in the near future. Or is it already here around us? How will we relate to A.I. software parameters? Uh, I need a coffee. Or a shot of cachaça.

[@havenbastion]

A valid role may be challenged on each of the following particulars; whether the intent is just, whether the rule will produce the given intent, whether the information used to make the decision is adequate or accurate.

[@Lamster66]

I'll answer that once I've completed my CBA

[@InventiveHarvest]

It's usually better to let the market handle it instead of government policy. If the benefits exceed the costs, firms will pursue the issue.
Now unfortunately there are market failures - externalities etc. But the problem is that government intervention often makes things worse.
To value the future more, we simply need to increase the discount rate.

[@only20frickinletters]

Except that to a firm, only its owners have standing. Without intervention, the benefits of stealing exceed the costs, same for slavery, child labor, environmental destruction, etc.

[@InventiveHarvest]

@@only20frickinletters stealing and slavery are good examples for government intervention. A government's main function should be to protect rights

[@only20frickinletters]

​@@InventiveHarvest What are rights, exactly?

[@InventiveHarvest]

@@only20frickinletters rights are ownership over one's self, property, and actions.

[@only20frickinletters]

@@InventiveHarvest And who decides what is whose property?