Re: Extreme Home Makeover Depression Edition (From Mish)
I find your comments and those of kescwi most interesting. I have felt for a long, long time that much of US economic activity is of such a nature, that is repairing things that were not done properly in the first place. I have never heard of any economic analysis of this topic. From the two comments made, it would seem there is a significant economic impact.
(It would seem we have a Big Repair Job to do on Banking.)
As an example of this type of construction gone bad on a Big Scale, there is Boston's infamous Big Dig
http://en.wikipedia.org/wiki/Big_Dig_(Boston,_Massachusetts)
For the years when that was being built, I remember going through a certain part of Boston by train and, I SWEAR, the area under "construction" seemed to always look the same with the same number of workers standing around. But, of course, it was economic activity and happily added to the GDP!
Originally posted by flintlock
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(It would seem we have a Big Repair Job to do on Banking.)
As an example of this type of construction gone bad on a Big Scale, there is Boston's infamous Big Dig
http://en.wikipedia.org/wiki/Big_Dig_(Boston,_Massachusetts)
For the years when that was being built, I remember going through a certain part of Boston by train and, I SWEAR, the area under "construction" seemed to always look the same with the same number of workers standing around. But, of course, it was economic activity and happily added to the GDP!
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