Thursday, August 02, 2012

History of Roads

I found this factual history of roads, written in rebuttal to Obama's Marxist comments, quite interesting. In particular the number of times that governments built infrastructure at a loss, meaning they destroyed value. Of course, losses happen to private investors and entrepreneurs as well, but they have an incentive to learn from the experiences and not repeat them. When it's other people's money involved, and you have a gun to transfer that money, there's no such incentive.

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