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.
Professor emeritus, Economics
Queens College, City University of New York
Atlantic Beach, N.Y.
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By Stephen Dinan - The Washington Times
The FBI uses drones for surveillance on U.S. soil, though “in a very, very minimal way,” agency Director Robert Mueller told Congress at an oversight hearing Wednesday.
