Harrison’s points include:-
- Passengers pay twice
- Trains pay for themselves
- Trains more than covers their costs
- Governments can pay for railways without taxing their citizens
- Investment in railways yields huge profits
- The problem is the way governments pay for the capital they invest in the tracks and rolling stock
- Payback is like winning the lottery
- The Jubilee line raised productivity in the London economy
- [Re the Jublilee Line] Every one pound invested provided a payback of 4 pounds
- That is what railways do, make the economy more efficient
- Who pocketed the fat profit? Not the shareholders, not the taxpayers, wages were not raised
- Profits cascaded into the profits of the land owners
- Taxes destroy jobs
…. and he’s right, you know.
EarthSharing has more about earth-based economics here.