Comment: If you ask me, this is a

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If you ask me, this is a

If you ask me, this is a perfect example of "malinvestment" during the boom part of the business cycle. In addition, because we use the flawed metric of GDP to assess the state of an economy and any spending/investment(whether state or private) is considered to contribute to GDP.

Such cities are considered to contribute to economic growth, even though they clearly do not(in fact I would argue the opposite is true).

Savings + Money Printing + GDP fudging + local corruption all lead to a perfect storm to create these cities.

I would argue that this an illustration of why quantitative economics is deeply flawed. Only through a qualitative approach(i.e Austrian) can such events as these be explained within a theoretical framework.

"My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline."
- Ludwig Von Mises