Prediction here: This state-run development from Michael Bloomberg will perfectly illustrate Hayek’s fata conceit. It will cost more than anticipated, and deliver less than anticipated.

Update: So here’s the plan. Let’s see how its doing in 27 years:

Officially called the NYCTech Campus, the facilities will be a joint effort with Technion-Israel Institute of Technology. The plan is to begin moving in by 2017, and finish constructing 1.3 million of the 2 million square foot facility by 2027. In 20 years or so, the campus is expected to have 2,500 students and 280 professors.

The expectations are high, and reflect the city’s efforts to iterate beyond its traditional industries like finance and advertising. A new study by New York City projects that the campus will generate above $23 billion in economic activity, along with $1.4 billion in tax revenue over the coming 30 years. In terms of job creation, construction will account for 20,000 near-term jobs, and the campus will provide 8,000 permanent ones. The study also estimates that some 600 companies will be spun out, that create another 30,000 jobs. To boost all of this, the campus will also introduce a $150 million fund for New York City startups

Update 2: And this is too rich. Roosevelt Island, named after FDR in 1973. Before that, it was called “Welfare Island.” Oh, the aura of central planning and government failure cuts to the heart of this lonely island.