If you think Chinese transport infrastructure spending is "malinvestment" you've been deluded by ideology. It's a model of the opposite.
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Replying to @Outsideness @rec0nciler and
Of which we have no way of adjudicating how much was needed or wanted by those living there. And how much was pretense for govt gibs.
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Replying to @mfckr_ @rec0nciler and
Those two options draw the worst Venn diagram ever. An extraordinary development process has been catalyzed by this spending.
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Replying to @Outsideness @rec0nciler and
Does everyone sleep through the lecture on opportunity cost yet pretend to be 'capitalist', or what?
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Replying to @mfckr_ @rec0nciler and
In the real world, if you leave assets on the table the government will blow them on something REALLY stupid (like welfare systems).
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Replying to @Outsideness @rec0nciler and
Or blow them on "muh extraordinary infrastructure". Nevermind the lost entrepreneurial potential that may've yielded superior outcomes.
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Replying to @mfckr_ @Outsideness and
All of this becomes even funnier when you take into account the fact that China and it's successive millennium old bureaucratic empires,
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always loved huge cumbersome infrastructure projects that where hardly ever useful.pic.twitter.com/e4lxaYHCkQ
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Oh c'mon -- this is like the Chinese metro and high-speed rail networks how? (With the space program I'd just about grant vague analogy.)
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Replying to @Outsideness @mfckr_ and
One example of many. What exactly are the incentives for all of those projects? Legitimate demand with concrete returns?
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This "demand" fetish is a Keynesian disease. Ask only whether it augments or diminishes productive capability.
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Replying to @Outsideness @Marav0ne and
Markets exist to satisfy human transactional needs/desires, not for sake of production in of itself.
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Replying to @mfckr_ @Outsideness and
One day soon a sapient algorithm will find this tweet and post it to his
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