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PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA
The fact that in my examples I did not mention the mainten-
ance of full employment, say, or the relief of poverty is of no
significance; I was not trying to list all the aims, either present
or future, of economic policy. In practice we shall certainly
have to begin with something narrower than we wish. Thus
even if we succeed in getting policies for education and training
or of regional development into the general picture, it will be
some time before we can do the same for urban renewal, to
say nothing of mental health or crime. Nevertheless I believe
that our aims should ultimately cover the whole socio-economic
system.
Second, each objective must be expressed in sufficient detail
to enable alternative methods of meeting it to be considered,
and the demands which any of these methods places on the
system to be worked out. In this way we can begin to compare
objectives, and as a result make perhaps a better use of our
resources.
Third, the existence of conflicts of interest should be reco-
gnised and as far as possible faced. For example, two towns
may compete with one another to attract, say, a new power
station or motorway. The choice between them can be greatly
improved by an analysis of its consequences.
Fourth, policy makers should see that they have adequate
information on which to base their decisions and should try
to assess costs and benefits wherever possible. For this pur-
pose, existing market prices are extremely useful; but they
are insufficient, because many of the things we value are not
priced on any market. Examples of this are uncongested roads
and quiet surroundings: only recently has a partial attempt
been made to put a price on road space by means of parking
meters; and the cost of noise to health and productivity has
so far received more attention from physiologists and psycho-
logists than from politicians or economists.
Two conclusions emerge from this summing up: there must
be close cooperation between the policy maker and the model-
'1] Stone - pag. 22