PRINCIPALS OF MAJOR
Dr Cameron Gordon
Associate Professor of Economics – University of Canberra
SeniorVisiting Fellow – UNSWCanberra
Principal Investigator – City University of NewYork
INFORMA Major Road Projects Conference 2014
11-12 March 2014, Sydney
Principles for discussion
• A road (or any infrastructure) is not an end in and of itself.
• Roads (or any infrastructure) should deliver services society desires (e.g. mobility,
access, travel time saved etc.)
• A service should contribute to economic and/or noneconomic outcomes (e.g.
productivity, regional development etc.)
• A project is not an end in and of itself.
• Projects should be part of purposeful programs designed to achieve desired
• Funding (actual allocation of scarce resources) is different from financing
(devising vehicles for allocating scarce resources).
• Cost minimisation is good; cost minimisation with maximum desired outcomes is
• Transport is a system – not just a mode
Principals (the usual suspects)
• The People
• Policymakers (might be different from Politicians – hopefully not)
• Program personnel (department heads, staff etc.)
• Project personnel (managers, designers etc.)
• Purse-string personnel (financiers,Treasury etc.)
• Pioneers? (true innovators; sometimes called ‘leaders’)