When A Government managed Project Overruns (eBook, ePUB)
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Now, when the community on our island is much larger, compared to the beginning of just three boys using their hands to catch fish for food every day, some people may think that the economics of this island changed. Is that true?Just as the principles of mathematics do not change with the scale of the problem, basic economic principles do not change with the scale of the economy. It's just that it's difficult for us to recognize those principles because there are so many layers that appear between the borrower and the lender. However, the direct connection between self-sacrifice of immediate c...
Now, when the community on our island is much larger, compared to the beginning of just three boys using their hands to catch fish for food every day, some people may think that the economics of this island changed. Is that true?
Just as the principles of mathematics do not change with the scale of the problem, basic economic principles do not change with the scale of the economy. It's just that it's difficult for us to recognize those principles because there are so many layers that appear between the borrower and the lender. However, the direct connection between self-sacrifice of immediate consumption, savings, credit, investment, economic incentives, as well as social and economic progress, remains exactly the same.
Investing in infrastructure can have a huge impact on the economy. However, investing in infrastructure is only beneficial if the benefits are greater than the costs. On the contrary, projects of this type will waste resources and prevent growth.
Just as the principles of mathematics do not change with the scale of the problem, basic economic principles do not change with the scale of the economy. It's just that it's difficult for us to recognize those principles because there are so many layers that appear between the borrower and the lender. However, the direct connection between self-sacrifice of immediate consumption, savings, credit, investment, economic incentives, as well as social and economic progress, remains exactly the same.
Investing in infrastructure can have a huge impact on the economy. However, investing in infrastructure is only beneficial if the benefits are greater than the costs. On the contrary, projects of this type will waste resources and prevent growth.
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