Nas has been able to accomplish a difficult task – providing an understandable welfare economics foundation for those new to the subject and enough detail to make sure that these individuals are able to apply CBA to complex allocation problems such as climate change policy. All policy makers should read the book to better understand the power of CBA to address efficiency in exchange, production and allocation.

Wade Martin, California State University, Long Beach

Benefit-Cost analysis is one of the most powerful economic tools for improving efficiency in government spending, but it is too little known and understood by both citizens and government decision-makers. In this second edition of his important book, Tevfik Nas provides a highly readable overview of the theory and method of selecting public investments that provide the largest return for taxpayers and the general population. The applications are particularly useful as illustrations of the potential of the benefit-cost approach.

Henry Levin, Director, National Center for the Study of Privatization in Education, Teachers College, Columbia University