It is often difficult to determine the financial value of such projects. However, port dredging probably has enormous returns for regional economies, which impact on the national economy. Even beach front replenishment, by keeping the tourist economy going, makes sure that we do not have pockets of severe poverty near the coastal areas.
Adam Smith considered some investments to be unattractive to private concerns, but very useful to the promotion of business generally, like the building of roads and the maintenance of a postal service. In Annapolis, where I used to live, without preservationists, both non- profit and private, and a governmental commission, the character of the town would not have been preserved sufficiently to make it one of the most attractive suburbs in the Baltimore- Washington area, but also it would have lost a lot of tourism money. There was never any interest in preservation from private companies, because of the difficulty of anticipating sufficient revenues merely from visitors to refurbished buildings, but the effect on the surrounding economy was profound. Sometimes, the market fails.
Yes, the bulk of expenses are locally born, although there is a federal role. But I was not particularly concerned with the level of government in making my point....... |
