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Cost-effective “infrastructures” – both physical and legal – provide the essential platforms for the activities of all economies. In the physical realm, for example, it is hard to imagine life without roads, communications networks, airports, ports, sewer systems and electricity grids. Because of their “public good” nature, government plays a central role in financing, if not operating, such infrastructure facilities. In turn, because so much infrastructure is local, the planning and construction of many projects historically has been delegated to the states (although aided by federal financing).
Cost-effective physical infrastructures provide the essential platforms for the activities of any healthy economy. Modern infrastructure should be increasingly “smart,” incorporating next-generation technologies to manage scarce resources, such as clean air and water, used in infrastructure systems. As our leaders invest stimulus funds devoted to infrastructure projects, it is important that they not overlook the role of entrepreneurs in building infrastructure that supports creative, risk-taking behavior.
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