Old challenges, new solutions: getting major projects right in the twenty-first century

Atif Ansar

Oxford Review of Economic Policy, 2022, vol. 38, issue 2, 217-223

Abstract: Major projects are high-value (£100 million+) investments across sectors such as transport, energy, health, defence, or IT systems. Globally, a significant proportion of government policy initiatives are delivered through major projects. There is, however, a paradox at the heart of the major project phenomenon. Although major projects are indispensable tools for turning policy ideals into reality, their track record is strikingly poor. Cost and time overruns, financial engineering, under-supply, poor service, environmental detriment, and social dissatisfaction blight major projects. Poor outcomes have been a feature of the wide array of delivery mechanisms deployed over the past 150 years, including direct public provision, regulated private provision, public–private partnerships, and concessions, agreements, and franchises. The papers in this issue of the Oxford Review of Economic Policy explore the nature of this paradox and offer strategies designed to get major projects right, including repeatable platform strategies; mission-orientated investments; and deliberative and collaborative incentive schemes.

Keywords: major projects; public investment; infrastructure; project evaluation; project design (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1093/oxrep/grac010 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:oxford:v:38:y:2022:i:2:p:217-223.

Access Statistics for this article

Oxford Review of Economic Policy is currently edited by Christopher Adam

More articles in Oxford Review of Economic Policy from Oxford University Press and Oxford Review of Economic Policy Limited
Bibliographic data for series maintained by Oxford University Press ().