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Posted Thu Jul 8 2010: from IRIN:
Look beyond "cost-benefit" analysis in adaptation
You can put a price tag on the cost of building a dyke to protect people from sea-level rise brought on by climate change, but not on how they will benefit from it, say the co-authors of a new paper calling on countries not to restrict themselves to cost-benefit analysis.... Quantitative cost-benefit analysis is "information-intensive", making it expensive to use in small-scale projects, so planners at community level usually do not use it. Besides, "Some development NGOs take the view that the local people should usually decide themselves what they want to invest in, using their own criteria," said Berger and Chambwera.... "The problem is that in our society the language with the most weight is that of money, so there will always be pressure to reduce the complexity of decision-making to tallying up the costs and benefits in some oversimplified currency metric."
[Read more stories about: climate impacts, economic myopia]

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'Doc Michael says:
Without money as your metric, what are you left with? Satisfaction? Stability? Happiness? You can't measure those.

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