Economic Evaluation of Design

Sivaram Vemuri
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Decisions concerning design are increasingly being made on economic grounds. This paper explores links between Economics and design. It examines the implications for evaluating design using the micro-macro economics distinction that exists in economics. The paper suggests the need for adopting different methodological constructs for conducting micro and macro economic evaluation of design. Adopting different methodological constructs is proposed based on at least two grounds. First, the distinction between Micro and Macroeconomics focuses on different aspects of design. Second, the tools used for the conduct of evaluations are different. Cost flow analytical tools are necessary for conducting microeconomic evaluation of design. Use of impact analysis is needed for macroeconomic evaluation of design. Finally, the paper suggests that such differences in methodology have far reaching implications for future designs.

Keywords: Economic Tools, Decision Making
Stream: Business, Economics, Knowledge Management
Presentation Type: Paper Presentation in English
Paper: Economic Evaluation of Design

Sivaram Vemuri

Assocaite Professor of Economics, School of Law and Business
Faculty of Law, Business and Arts, Charles Darwin University

Darwin, Northern Territory, Australia

Siva Ram Vemuri (Ram) received his Batchelor's degree in Economics from the University of Western Australia, a Master of Arts from University of Bombay and his doctorate from University of Birmingham, Engalnd. Since 1976, Ram has worked in various academic institutions inclduing University of Birmingham (England), Indian Institute of Technology (Bombay), Yarmouk Univeristy (Jordan), University of Papua New Guinea (Port Moresby). Currently he is Associate Professor of Economics at Charles Darwin University (Darwin). His research expertise is in the area of interdisciplinary environmental management, health care planning, macroeconomic management, Economic impact assessment and sustainable development, role of indigenous knowledge systems in decision making and Natural resource management including waste management.

Ref: G07P0007