Large potential benefits of infrastructure may elude identification and measurement by conventional cost-benefit analysis. Canning and Bennathan estimate social rates of return on general capital, by examining the effect on aggregate output and comparing that effect with the costs of construction

Under the Paris Agreement, OECD countries agreed to aim for a reduction of their greenhouse gas emissions sufficient to hold the increase in the global average temperature to well below 2°C above pre industrial levels. This commitment requires a massive effort to decarbonise energy and...