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Part I. Introduction to Welfare Economics: 1. Measuring changes in economic welfare: consumer and producer surplus 2. Consumers and producers: some basic theory 3. Welfare change in general equilibrium 4. Equity and efficiency Part II. Project and Policy Appraisal in Developing Countries: 5. Project appraisal: an overview 6. Shadow prices for traded and non-traded commodities in an open economy 7. Trade policy, exchange rates and structural adjustment 8. Labour markets in developing countries 9. The social value of labour 10. Intertemporal costs and benefits (1): a market-based approach 11. Intertemporal costs and benefits (2): a social planning approach Part III. Missing Markets: 12. Externalities and public goods 13. Risk and the measurement of welfare change 14. Natural resources and the environment Retrospect.