| The need to maintain or replace / upgrade infrastructure places an obligation (liability) on the owner of the infrastructure to do so. Perhaps technical liability would be more accurate, but I like the sound of technical debt. There is always the temptation to say, 'We have made something. It works. Pure asset.' (E.g. concept of passive income.) But it is seldom true over the long term. The debt is almost always there, or will be as the rest of the world moves on and the existing asset needs to be developed or becomes obsolescent. The trick for asset owners (asset defined as the right to future economic benefits) to profit from an asset is to spend some of the returns from the asset on paying others to maintain and refresh the asset. In this way, the asset owner enjoys the truly passive net benefit. Infrastructure carries both the attributes of a static, tangible thing (a good) and a service. I like that the coding world is so conscious of technical debt, and it makes sense: the sector is moving so fast, and the fixes can be applied with access to a skilled problem solver, a computer, access to software and time. The maintenance &/or switching costs are comparatively low in comparison to the benefits. I think that providers of physical infrastructure could pay more attention. Maintenance contracts and dilapidation reserves do make (small) inroads into acknowledging the ultimate sclerosis that additional large infrastructure introduces to the built environment. But the time scales for its regeneration to a large extent alleviate developers from the obligation to apply a more overarching perspective of the debt it will place on future generations to improve on what has been laid down. Rather than questioning the term, it should be rolled out more widely. |