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The aim of this text is to interpret, expand and evaluate the principles of project appraisal using the approach recommended by the World Bank. Brent challenges a number of their findings, particularly through the inclusion of the "numbers effect", the number of people affected by a development project, as a separate social objective. The book is based on a combination of sound economic theory and empirical research, and case studies are used throughout to illustrate the theory. The author discusses key issues such as: structural adjustment lending; investment criteria; the basic needs approach; shadow and market prices; the social discount rate; and risk analysis.