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And government through regulation can influence the investment decisions made by the private market--higher taxes on gasoline and higher mile per gallon standards for transportations (and not excluding SUV's and light trucks from those standards) are an example of where government has tried to influence investment decisions, but imo, not gone far enough.
Your comment above leads me to believe that I'm not interpretting his comment in the way he meant it, and perhaps you are.
Assuming I knowing his POV, I assume he thinks of public investment just in the productive, public good sense, and limited only to a heavily prescribed area of production, far more limited than I would find warranted.
I strongly suspect he would disagree with the notion that most Capital allocation should be greatly influenced, if not controlled, by democratic and egalitarian principles, and in this regard, his pov is far more in line with yours.
This being said, regardless of one's political viewpoints, a bad investment is a bad investment, and pork general is one such investment, and an aspect of certain political systems. NPV is simply a math concept, not a statement of political value...
The Hun is always either at your throat or at your feet.
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