- The Washington Times - Monday, July 30, 2012

In a recent speech, President Obama pointed to government-generated infrastructure as the cause of economic activity and growth. The president has it backward.

Infrastructure, or to use the more descriptive term, social overhead capital, is a necessary but not a sufficient condition for growth. The sufficient condition is entrepreneurial activity. A road by itself, like the bridge to nowhere, has no utility. For any growth to occur, vehicular traffic, a product of entrepreneurial activity, must be present. Simply put, roads do not create growth, growth creates roads.

HARRY GREENFIELD

Professor emeritus, Economics

Queens College, City University of New York

Atlantic Beach, N.Y.