Will politics lead to over-building or under-building of transportation projects? In this paper, we develop a model of infrastructure policy in which politicians overdo things that have hidden costs and underperform tasks whose costs voters readily perceive. Consequently, national funding of...

Will politics lead to over-building or under-building of transportation projects? In this paper, we develop a model of infrastructure policy in which politicians overdo things that have hidden costs and underperform tasks whose costs voters readily perceive. Consequently, national funding of...

[...]What explains New York’s ongoing ability to dominateAmerica’s urban landscape? In this paper, we explore theeconomic history of the city and argue that three themesemerge. First, New York’s emergence as the nation’s premier port was not the result of happenstance followed by...