The Role of Public Works Infrastructure in Economic Recovery

The Role of Public Works Infrastructure in Economic Recovery

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Hence, government owned and operated infrastructure may be developed and operated in the private sector or in public-private partnerships , in addition to in the public sector. In the United States, public spending on infrastructure has varied between 2. Research conducted by the World Pensions Council WPC suggests that most UK and European pensions wishing to gain a degree of exposure to infrastructure debt have done so indirectly, through investments made in infrastructure funds managed by specialised Canadian, US and Australian funds.

On November 29, , the British government unveiled an unprecedented plan to encourage large-scale pension investments in new roads, hospitals, airports, etc. Pension and sovereign wealth funds are major direct investors in infrastructure. These large institutional investors need to protect the long-term value of their investments from inflationary debasement of currency and market fluctuations, and provide recurrent cash flows to pay for retiree benefits in the short-medium term: Some experts have warned against the risk of "infrastructure nationalism", insisting that steady investment flows from foreign pension and sovereign funds were key for the long-term success of the asset class- notably in large European jurisdictions such as France and the UK [8].

An interesting comparison between privatisation versus government-sponsored public works involves high-speed rail HSR projects in East Asia.

While different implementation strategies, Taiwan successfully delivered the HSR project in terms of project management time, cost, and quality , whereas South Korea successfully delivered its HSR project in terms of product success meeting owners' and users' needs, particularly in ridership. Additionally, South Korea successfully created a technology transfer of high-speed rail technology from French engineers, essentially creating an industry of HSR manufacturing capable of exporting knowledge, equipment, and parts worldwide.

The method of infrastructure asset management is based upon the definition of a Standard of service SoS that describes how an asset will perform in objective and measurable terms. The SoS includes the definition of a minimum condition grade , which is established by considering the consequences of a failure of the infrastructure asset. After completing asset management, official conclusions are made. Most infrastructure is designed by civil engineers or architects. In the case of urban infrastructure, the general layout of roads, sidewalks and public places may sometimes be developed at a conceptual level by urban planners or architects , although the detailed design will still be performed by civil engineers.

Depending upon the height of the building, it may be designed by an architect or for tall buildings ,a structural engineer , and if an industrial or processing plant is required, the structures and foundation work will still be done by civil engineers, but the process equipment and piping may be designed by industrial engineer or a process engineer.

In terms of engineering tasks, the design and construction management process usually follows these steps:. These plans typically analyze policy decisions and impacts of trade offs for alternatives. In addition, planners may lead or assist with environmental review that are commonly required to construct infrastructure.

Colloquially this process is referred to as Infrastructure Planning. These activities are usually performed in preparation for preliminary engineering or conceptual design that is led by civil engineers or architects. Investment in infrastructure is part of the capital accumulation required for economic development and may affect socioeconomic measures of welfare. Generally, infrastructure plays a critical role in expanding national production capacity, which leads to increase in a country's wealth. However, the relationship does not remain in advanced nations who witness more and more lower rates of return on such infrastructure investments.

Nevertheless, infrastructure yields indirect benefits through the supply chain, land values, small business growth, consumer sales, and social benefits of community development and access to opportunity. The American Society of Civil Engineers cite the many transformative projects that have shaped the growth of the United States including the Transcontinental Railroad that connected major cities from the Atlantic to Pacific coast; the Panama Canal that revolutionised shipment in connected the two oceans in the Western hemisphere; the Interstate Highway System that spawned the mobility of the masses; and still others that include the Hoover Dam , Trans-Alaskan pipeline , and many bridges the Golden Gate , Brooklyn , and San Francisco—Oakland Bay Bridge.

During the Great Depression of the s, many governments undertook public works projects in order to create jobs and stimulate the economy.

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The economist John Maynard Keynes provided a theoretical justification for this policy in The General Theory of Employment, Interest and Money , [17] published in Following the global financial crisis of — , some again proposed investing in infrastructure as a means of stimulating the economy see the American Recovery and Reinvestment Act of While infrastructure development may initially be damaging to the natural environment , justifying the need to assess environmental impacts, it may contribute in mitigating the "perfect storm" of environmental and energy sustainability , particularly in the role transportation plays in modern society.

Ethanol production may overuse available farmland in Brazil but have propelled the country to energy independence. High-speed rail may cause noise and wide swathes of rights-of-way through countrysides and urban communities but have helped China, Spain, France, Germany, Japan, and other nations deal with concurrent issues of economic competitiveness , climate change , energy use , and built environment sustainability. From Wikipedia, the free encyclopedia. Infrastructure , Economics , Business , and Finance.

Architecture , Civil Engineering , Electrical engineering , Project management , and Systems engineers. Economic development and Public capital.

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