He started as an Austrian economist, and ended up believing in "The Big Push." I'm still waiting for the biography.
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My favorite example of the white elephant problem are the ghost cities in China. Cities built for millions of people an no one lives there. And there are several of these cities. The video on this site is particularly interesting. http://www.theblaze.com/stories/amazing-video-emerges-of-chinas-ghost-ci...