What Are Our New Big Mega-Projects?

A recent article in the NY times commented on the lack of any big mega-projects being undertaken. The article points out that in the past we had “The Erie Canal and the transcontinental railroad.. the Hoover Dam, the Interstate System, the subway networks in San Francisco and Washington, the Big Dig in Boston ... and the list abruptly stops. For the first time in memory, the nation has no outsize public works project under way.” Such big projects, the article suggests, can have transformative effects and create significant long term improvement for the economy.

Ok, an interesting observation. But do we really have no big mega-projects under development at this time? Or are the current really big projects just somewhat different than those of the past? I would argue that the biggest development project for the last decade was the build-out of the Internet. This required enormous investments in effort and money, generated significant wealth, and is having an incredibly transformative effect on our economy and our society. I will argue that the long term transformative impact of the Internet and related technologies will transform society much greater than the transcontinental railroad or the interstate highway system. It was government funded, at least at the beginning, though private funds have taken over the still on-going build-out. The current focus now seems to be shifting to the phase of integrating the rest of our communication and business structures into the Internet infrastructure. This is also different form the past mega-projects in that it is global in scope.

What other major mega-projects are now underway? It could be argued that transforming our health care system is one such project. This also suggests another big scientific mega-project that we are in the middle of – understanding and learning how to manipulate genomes. Understanding how DNA operates and controls living organisms, and how to manipulate it is certainly a major effort that will eventually have long lasting economic and social transformative effects on our society.

If we want to focus on more physical projects though, the biggest mega-project we have just started is clearly the transformation of our energy system away from a fossil fuel based system to one that is based on less carbon intensive and more renewable fuels and overall greatly improved efficiency. Government has an important role to play in this, but like the Internet, private funding will eventually have to provide most of the funding. I’d like to think of this as the great physical mega-project of the next 20 years for our society. Its effect on the economy and our society are likely to be profound. It's something we can rally around that should be generating much more enthusiasm and pride than a comparatively limited project like the transcontinental railroad ever could.