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The point is that capital works — from a new police station to a new port — deliver a flow of services stretching over 20, 30 or 40 years. Borrowing to cover, say, half the cost of the work is a way of sharing its cost between the present and future generations who will benefit from its services.
Ross Gittins is a genius — this article is probably the best explanation I’ve seen of why the government should borrow to pay for infrastructure.
Fairfax Media posts a $380 million loss, and the SMH online puzzle and crossword service is closing from August 31 — maybe it really is time for all of us freeloaders to, god forbid, start paying for our news.
With Finance Disgraced, Which Career Will Be King?: A correction for the better, I would say. It’s fantastic that investment bankers connect people with money to people with ideas, and business consultants optimise businesses, but ultimately someone has to come up with the ideas — and someone has to run the businesses that produces valuable output for there to be businesses to optimise.
Lenovo wins $150m NSW schools deal: It’s great to see the NSW government giving form to the “digital revolution” by providing laptops to schoolchildren, but the dominance of Microsoft and Adobe software denies NSW kids the chance to see beyond the Windows straitjacket — and taxpayers more bang for their buck.
Since everyone else seems to be blogging about the election, I might as well jump on the bandwagon as well.
While I was watching a McCain-Palin interview on the New York Times website, it happened to freeze right at this moment:
If you use your imagination a little, that’s how McCain might look like if he were to suffer a slight mishap while driving.
In any case, nointrigue.com for Obama! For all it’s worth, given I don’t actually have a vote…
One in 10 Tasmanians racist: So, 46.6% of people in NSW believe that some cultural or ethnic groups don’t fit into Australian society. This sort of figure is bound to shake off any naïve belief that Australians have fixed the scourge of racism. I guess, though, it wasn’t altogether surprising given the brouhaha at Camden and Bass Hill. What would you do to create a more tolerant society?
Rees’s red-hot razor: I was right. Mr Premier says that he’s “pulling back” from the metro, and he’s unwilling to commit to the project. But should NSW go ahead anyway? Are the long-term benefits worth the large debts that the state will rack up?
Floundering in a sea of change: I still consider the New York Times to be the pinnacle of journalism, but is it floundering because of the collapse of the old guard, and “the cost structures and privileges of the old media are being swept away”?