Sponsor
  • News/Talk
  • Music
  • Entertainment
Marketplace logo
Go to Marketplace Home PageGo to Marketplace Morning ReportGo to Marketplace PM editionGo to Marketplace Money
My Two Cents, by Chris Farrell

« Keynes on economics | Main | Economic Fundamentalism »

Bridge collapse

Posted by Chris Farrell on Friday, August 3, 2007

Thanks to a reference by Andrew Samwick, economist at Dartmouth University, here's a link to a good piece on the tragic bridge collapse in Minneapolis by Stephen Flynn:

In the end, investigators may find that there are unique and extraordinary reasons why the I-35W bridge failed. But the graphic images of buckled pavement, stranded vehicles, twisted girders and heroic rescuers are a reminder that infrastructure cannot be taken for granted. The blind eye that taxpayers and our elected officials have been turning to the imperative of maintaining and upgrading the critical foundations that underpin our lives is irrational and reckless.

America's gross domestic product in 2006 was $13.2 trillion. We can afford to have world-class infrastructure. As a stepping-off point, we should insist that our elected representatives publicly acknowledge the risk of neglecting the bridges, roads and other essential hardware that goes into making a modern civilization. Then we should hold them accountable for setting priorities and for marshaling the requisite resources to repair our increasingly brittle society.

Samwick rightly adds this observation at his blog:

What I see most places I travel around the country are homes that are overbuilt to nearly the edge of the property line, and then a crumbling infrastructure across that line. Roads, power lines, sewers, schools--you name it. Almost everything used in common across that property line is stressed to the point of breaking.

Too much neglect for too lomg of the common space.


Comments (1)

paymaan dinavari | Respond
August 4, 2007 3:57 PM

I agree with your comments. I live in Northern Virginia, which has some of the Nations Wealthiest Suburbs after those in Connecticut and New Jersey. The Homes in places such as Mclean, Great Falls, Oakton, and across the river in Bethesda & Potomac Maryland are to put it politely, Hideous McMansions thata are in Poor taste. The New Homes and the New Oversized Additions contribute to high volumes of Water Runoff during our heavy Spring and Summer rain storms. In some cases up to 50% of the Smaller, Older lots are taken up by impervious Roofs, and Paved areas, leaving the runoff to no place to go but to some unsusptecting homeowner's basement.
Another Extremely Aggravating factor is traffic that is generated by all this Unrestricted Development. Northern Virginia has not built more than one new Metro Station since the late 1980's, The Metro Rail extension to Dulles Airport has been stalled for 10 years, it had been slated for completion by 2006. As of today NOt A Single Metro station has been built towards the Completion of this Project. As for the infrastructure "The Common Wealth of Virginia" which is a Misnomer, Since there is very little "Common wealth" Remaining in Virginia. Richmond has been spending any tax revenue it does have on widening the existing highways instead of building cleaner transportation alternatives. The current situation has made our family re-assess our lives here, since we now spend a lot more of our lives stuck in traffic. Moving to another part of the country may be our only option, yet we don't wish to contribute to congestion elsewhere. When I look at all those Single Passenger Cars sitting on I-495, I-66 or I-395, I really wonder about the Current Selfish Culture that we live in, but we are all paying such a high price in the time lost and the increased stress, which is detrimental to one's health. I am sure no one wants the epitaph on their grave stone to read, "This Poor Soul Braved I-66 and spent 3 years of his/her life in Traffic".
This latest Bridge Collapse in Minnesota only proves that sitting in traffic can be literally lethal. I am sure that the statisticians will state that I am wrong, yet we do have a major infrastructure problem; and a well functioning infrastructure is an integral part of restoring our erroding Common Wealth.

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

 

 
 

Subscribe to RSS

Latest posts

Warren Buffett
 
Voted
 
Policy and a pint
 
Prediction markets, one last time
 
Stocks for the long run
 
Fleeing equity mutual funds
 
A sobering statistic
 
Nobel laureates and their money
 
Other post World War ll depressions
 
The election
 

Topics


 

Latest comments from recent posts

A sobering statistic (1)
Ray The Money Man wrote: Chris, I couldn't agree more. Maybe I am just old enough to ... [read]

Other post World War ll depressions (1)
hakiton wrote: In 1985 years - it is good year for traidings, ... [read]

The election (1)
Nigel Eccles wrote: It is in the news media's interest for it to be a close race... [read]

What caused the Great Depression? (1)
Greg Ransom wrote: De Long is lying about Hayek. Hayek never said "depressions... [read]

Third Bank of the United States? (2)
Gene wrote: Some have call a Third Bank of the United States a Marxist p... [read]


 

Archives

November 2008
S M T W T F S
            1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30            
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007

 

Appearances and Worthwhile Events

Policy and a Pint: Health Care Handcuffs
 
 
 

More From
Chris Farrell

Marketplace Money's Money Clip Video
 
How Alan Helped Ben (BusinessWeek.com)
 
 
 

Other Blogs

Andrew Tobias
 
Angry Bear
 
Becker-Posner Blog
 
Brad DeLong
 
Cafe Hayek
 
Calculated Risk
 
Econbrowser
 
Economics Unbound
 
Economists View
 
Financial Rounds
 
Finance Roundtable
 
Greg Mankiw's Blog
 
Hot Property
 
Marginal Revolution
 
New Economist
 
TaxProf Blog
 
The Big Picture
 
Vox Baby
 
 
 

Books by
Chris Farrell

Right on the Money!: Taking Control of Your Personal Finances
rightonthemoney_bookcover.gif

 
 
 
Deflation: What Happens When Prices Fall
deflation_bookcover.gif

 
 
 

Recommended Books

Against the Gods: The Remarkable Story of Risk
by Peter L. Bernstein

 
A Random Walk Down Wall Street
by Burton Malkiel

 
The Little Book of Common Sense Investing
by John Bogle

 
Common Stocks and Uncommon Profits
by Phillip Fisher

 
The Intelligent Investor
by Benjamin Graham

 
More Than You Know: Finding Financial Wisdom in Unconventional Places
by Michael Mauboussin

 
Smart and Simple Financial Strategies for Busy People
by Jane Bryant Quinn

 
Stocks for the Long Run
by Jeremy Siegel

 
The Random Walk Guide to Investing: Ten Rules for Financial Success
by Burton Malkiel

 
The Only Investment Guide You'll Ever Need
by Andrew Tobias

 
Unconventional Success: A Fundamental Approach to Personal Investment
by David F. Swensen