The Precautionary Principle Through the Viewscreen of Cost-benefit Analysis

The literature on environmental law and policy tends to emphasise conceptual contradictions between the precautionary principle and cost-benefit analysis. This article argues that, though some theoretical inconsistencies have taken place, there is no significant contradictions between them. On the contrary, the precautionary principle and cost-benefit analysis are mutually dependent and closely connected with each other in many ways. While the two concepts might contrast due to differences in policy priorities, they tend to correlate on the level of environmental impact assessment. It seems that the relative value of the precautionary principle could be evaluated in the best possible way against cost-benefit analysis, and vice versa. Thus it is better to emphasise that the two concepts exist in a sort of symbiotic relationship that benefits them both.