President Trump has vowed to create “millions” of jobs building highways, bridges, airports, and other infrastructure, releasing a plan to spend a trillion dollars on infrastructure over the next 10 years. But Trump’s plan to lavish money on infrastructure is not a revolutionary idea — it’s part of a continuous worldwide trend to spend more and more on ever bigger projects. In the new issue of Cato Policy Report, Bent Flyvbjerg explains that the vast majority of these megaprojects ultimately result in a net loss to economies.

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