Abstract
This paper looks at the need for and criteria used to invest in infrastructure. This term can cover a wide variety of assets. One element of the infrastructure of the UK is its language and its institutions, which are arguably among the most important elements in our continued success and some commentators would like to see us invest more effort into them. However, for the purposes of this paper, I shall concentrate on assets which have a physical dimension.
Highlights
This paper looks at the need for and criteria used to invest in infrastructure
On the definition of a physical asset which has both a network and a public good dimension, telecommunications, transport, power, water supplies and sewerage clearly all qualify as infrastructure
Evaluating infrastructure provision needs to take this into account and consider the ways in which benefits can accrue, their potential value and how they should be captured to fund the investment
Summary
This paper looks at the need for and criteria used to invest in infrastructure. This term can cover a wide variety of assets. An infrastructure asset is fixed to its geography It needs an element of distribution capacity – it is networked or connected to networks. On the definition of a physical asset which has both a network and a public good dimension, telecommunications, transport, power, water supplies and sewerage clearly all qualify as infrastructure. They enable connections and work only when connections are present. A modern knowledge economy has flourished in our cities, at the heart of dynamic city regions They have shown how larger centres can generate greater density and higher wages, if supported by good transport systems both for the labour market and business to business access. There can be quite specific requirements, such as power for data servers, broadband for data distribution, as well as physical transport networks
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