THE FOLLY OF HERO PROJECTS.

It is a truth universally accepted that stadium subsidies are a bad use of tax money.  Wasteful though they are, it's also possible that they are not the most notorious squandering of tax money.  The candidate for top honors might be those steel mills every two-bit country has to have to establish their bonas fides.  "Steel industry associations throughout the world are reiterating a call for the Global Forum on Steel Excess Capacity (GFSEC) to step up its work on the persistent problem."  The work is hard, but the task is simple.  "You can hope to close the borders and hope for the best, or perhaps you can rediscover your comparative advantage."

It's not as if chronic excess capacity in steel manufacturing, perhaps abetted by developing country industrial policies, is anything new.