Externalities
but is less systematic and comprehensive.
The term is sometimes used to mean
a
set piece of research undertaken
at a specific time 'an evaluation'
resulting in a formal
report. Policy
evaluation should be an integral part
of all policy work.
The phrase is
in practice used also loosely as a
shorthand for describing the whole
process of having clear objectives,
explicit assumptions, and subsequent
monitoring and evaluation.
costs or
falling on third
benefits
parties. Externalities are sometimes
important in assessing whether Government
assistance is appropriate eg to encourage
investment in R and D where the returns
to the national economy are believed
the be higher than
to the
to
total
of those
It
individual organisations.
be important in regulatory
can
also
policy, such
where the
as pollution
cost of compliance
control,
falls
on an industry but the benefits accrue
elsewhere.
Fungibility
the
extent
to which an
outside
organisation or
individual can arrange
their
total
budget
So that the extra
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