Incentives for Mobility: Using Market Mechanisms to Rebuild America’s Transportation Infrastructure
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1989-08-01
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Abstract:America's transportation infrastructure is inadequate, but the solution is not simply to spend more public money. A market-oriented analysis reveals that the problem is institutional. The incentives which operate in the public sector under current policies all too often lead to (a) spending on the wrong needs, (b) not making efficient use of existing infrastructure, and (c) failing to maintain this infrastructure properly. The market-oriented approach proposed here for our national transportation policy can resolve these structural failings. It stresses user funding, dedicated revenues, market pricing, and the use of private capital. These principles can be applied to airports, highways and freeways, mass transit, ports and waterways.
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