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Colm McCarthy: Now is not the time to splash out on building

There are certain droning noises in the soundtrack of Ireland's economic policy debate that just never seem to go away. One of the most persistent is the assertion that Ireland labours under a serious deficit in public infrastructure, the solution to which is more spending on civil engineering projects. More capital spending would stimulate the economy too, it is asserted.

There are three objections to this line of argument. The first is that infrastructure provision has improved greatly, while demands on facilities have declined.

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