Y'all know the rules:
- Please post all quotes separately, so that they can be voted up/down separately. (If they are strongly related, reply to your own comments. If strongly ordered, then go ahead and post them together.)
- Do not quote yourself.
- Do not quote comments/posts on LW/OB.
- No more than 5 quotes per person per monthly thread, please.
A few points come to mind:
"They" is the tricky bit there. Presumably some people wanted a canal, and some people other people wanted jobs, and for that matter presumably some people wanted money to go to the construction company who've got an opening for a government liaison consultant coming up in five years time. There's little reason to think the equilibrium is welfare maximising.