The term “infrastructure” has no universally accepted meaning in economics or elsewhere, but it usually carries with it particular characteristics, such as being capital intensive, with large, long-lived and sunk cost characteristics; publicly consumed in the commons with externality and public good qualities; and government-centric in terms of funding, planning, and heavy-handed regulation.
White Paper: How to Fix America’s Crumbling Infrastructure — Lessons from Australia
![U.S. infrastructure is often characterized as “crumbling,](http://www.esmagazine.com/ext/resources/ISSUES/2020/07-July/gabriel-yo_brg1FvpI-unsplash.png?1595250530)