High speed rail is really cool and futuristic. But I wonder if for some governments, it's mainly a form of monument-building.
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To be clear, transit systems don't have to be profitable to be worth the cost. But HSR carries a small number of people so we'd expect the productivity spillovers to be smallish. It's mainly a potentially-low-carbon alternative to short-range air travel.
But I should add that it's interesting that American socialists are so enthusiastic about HSR when it's mainly going to be used by the upper classes and business travelers. A round-trip shinkansen ticket between Tokyo and Osaka costs around $200. It ain't like a subway, folks.
I like HSR a lot, but people need to understand what they're getting: an expensive-to-build low-volume potentially-low-carbon substitute for air travel that will be mostly used by businesses.
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