Productivity studies versus cost-benefit analyses - which is the best indicator for returns to transport investments?

This paper examines the theoretical reasons why cost-benefit analyses and the macro productivity studies differ with respect to what kind of economic effects they are actually able to measure. Recent studies are used for illustration. The conclusion is that the theoretical bases for these approaches are essentially different. Our examination supports clearly the view that refinements of cost-benefit methods and practice are the best way of dealing with economic benefits of transport infrastructure.