Emeritus Prof Christopher MayVery well put; the disaster of false economies is all around us, but what I would add to your account is the domination of short-term reasoning behind the focus on costs; costs can be reduced relatively quickly in the budget cycle, investment returns, especially SROI take some time to materialise & so cannot be accounted for by the economically myopic.... this is an issue across the UK & lies (among other things) behind the 'productivity puzzle'...
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