Why do we have gorgeous state-of-the-art shopping malls and lousy Third World roads and subways to get to them?

The answer is simple: Blame Keynesian economics. The Keynesians are constantly promoting consumer spending at the expense of saving and investment.

A few countries are doing it right. Canada is spending 3.3% of its GDP on investment in infrastructure. Asian nations in general are investing heavily in good roads, bridges and train systems. The airports in Los Angeles, New York and Chicago can’t hold a candle to the first-class airports in Singapore, Hong Kong, Shanghai, Seoul and even Japan.

Now more than ever, the United States needs a heavy dose of supply-side “Austrian” economics to rebuild its economy and make it more efficient. It is time we shifted resources from welfare transfers to investment in infrastructure.