A grand, aspirational vision is a much more effective way of getting a project moving than pragmatic reasons based on current need
Uncertainty lies at the heart of any project; after all, we are projecting our aspirations into a future that is inherently unknowable. The past is an unreliable guide to the future, as the last year has shown very well. The phrase 鈥渁nimal spirits鈥 is often associated with stock market speculation, but in John Maynard Keynes鈥 original formulation it was about what it takes to invest in 鈥渁 building in the City of London鈥 along with Atlantic liners, railways and the like. Investors in property and infrastructure 鈥 let鈥檚 call them 鈥榩rojectors鈥 鈥 take significant risks with their capital to provide the property and infrastructure that our economy and society needs for its continued growth. How do projectors mobilize the resources they need for their investment projects under uncertainty?
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