Thursday, August 12, 2010

Measuring Value

John Kay of the Financial Times has a good piece on the difference between measuring economic costs and economic benefit. He correctly points out that most studies of economic value really are measures of accounting costs (maybe economic costs) but not benefits or even better economic value, which is the difference between economic benefits and economic costs. He uses the arts as the basis of his argument, but also includes a discussion of sports, which those interested in sports economics might find interesting.

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