Present a critique of the cost-benefit approach.

The cost-benefit approach is a widely used decision-making framework that involves comparing the costs of a particular action or policy with its associated benefits. While this approach has its merits and provides valuable insights, it also faces significant critiques and limitations that must be considered when employing it for decision-making. Here are some key critiques of the cost-benefit approach:

1. Monetization of Non-Market Goods: One of the fundamental challenges with the cost-benefit approach is the difficulty of accurately monetizing non-market goods, such as environmental preservation, public health, and social well-being. Assigning a monetary value to these intangible aspects can oversimplify complex issues and fail to capture their true worth.

2. Distributional Effects: The cost-benefit approach tends to focus on aggregate outcomes and may overlook the distributional impacts of a policy. A policy that generates overall benefits might disproportionately affect specific groups, ___ _______ ___ ________ _________ _______ _______ _________.
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