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From Poverty to Power Green, Oxfam 2008 - weman

From Poverty to Power Green, Oxfam 2008 - weman

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FROM POVERTY TO POWERbut are largely marginal <strong>to</strong> discussions of growth in the marketeconomy.One approach <strong>to</strong> implementing such an ‘economics for the twentyfirstcentury’ is <strong>to</strong> try <strong>to</strong> expand the number of fac<strong>to</strong>rs considered in anumerical calculation of the relative costs and benefits of differentpolicy options, for example by moving <strong>to</strong>wards full cost accounting.This retains the core attraction of economics as a discipline: attachingnumbers enables policy makers <strong>to</strong> say ‘Option A is better than optionB’. Fac<strong>to</strong>rs such as active citizenship, an effective state, the enjoymen<strong>to</strong>f rights, or a wider sense of well-being are hard <strong>to</strong> measure, however,and may end up being squeezed <strong>to</strong> the margins of debate. As Einsteinonce observed, ‘Everything that can be counted does not necessarilycount; everything that counts cannot necessarily be counted.’An alternative approach would be <strong>to</strong> treat the numerical exercise asjust one contribution <strong>to</strong> the debate, <strong>to</strong> be balanced against other lessquantifiable, but no less important issues. In any given time and place,a particular policy will be positive in some of its impacts and negativein others. Decision-makers will always need <strong>to</strong> consult, identify tradeoffs,and agree priorities: such discussions are the stuff of politics,which in the end should be served, and not ruled, by economics.118

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