Infrastructure does not an economy make. Highways and railroads, airports and seaports, communications towers and fiber optics cables are essential for the flow of commerce, but it is the people, goods, and information moving over and through this infrastructure that are the heart of an economy. Overinvestment in roads, bridges, and airports means underinvestment in the productive base that is an economy’s life blood. Government spending means more than just an outlay of dollars; it means consuming scarce resources that cannot then be used for other things. Such spending does not increase production, it simply shifts resources into areas where they would not otherwise have gone.
Via The Infrastructure Delusion | The Freeman | Ideas On Liberty, which is well worth a read.