As a follow-up to Walter’s epigram “privatize everything”, let’s spell out that this includes INFRASTRUCTURE. Definitions of infrastructure vary. They usually include items that liberal (big government-favoring) economists deem to possess certain characteristics: “…natural monopoly, high-sunk costs, non-tradeability of output, non-rivalness (up to congestion limits) in consumption, possibility of price exclusion, and bestowing externalities on society.” 99.99% of economists are liberal when it comes to believing in these criteria as if they were Gospel. They are also liberal in applying them, and they are liberal in thinking that public investment in infrastructure has big payoffs. They believe in their econometric … Continue reading End Socialization of Infrastructure