Social value assessment

HM Treasury’s Green Book: “The appraisal of social value, also known as a public value, is based on the principles and ideas of welfare economics and concerns overall social welfare efficiency, not simply economic market efficiency. Social or public value, therefore, includes all significant costs and benefits that affect the welfare and well-being of the population, not just market effects. For example, environmental, cultural, health, social care, justice and security effects are included. This welfare and well-being consideration applies to the entire population served by the government, not simply taxpayers.”