Totally agree on the efficient market thesis, but not when it comes to big research and public works projects.
In my post I reference an earlier short essay on mega projects
http://www.victusspiritus.com/2010/01/13/think-bigger-short-...
Some projects entrepreneurs can't build unless thousands of them get together. Many of these mega projects have resulted in very long term benefits. Hoover Dam, Panama Canal, Lunar Mission, DARPAnet are just a few ideas which entrepreneurs can't possibly tackle on their own, even massive corporate IR&D budgets can't be risked on such endeavors.