Bent Flyvbjerg of Oxford University speaks with EconTalk host Russ Roberts about the political economy of megaprojects--massive investments of a billion dollars or more in infrastructure or technology. Flyvbjerg argues that such projects consistently end up costing more with smaller benefits than projected and almost always end up with costs that exceed the benefits. Flyvbjerg explores the reasons for the poor predictions and poor performance of giant investment projects and what might be done to improve their effectiveness.