White Elephants: How to Avoid Them a Guide to the Identification and Exploitation of Economies of Scale

There is more to avoiding White Elephants than just successfully identifying and exploiting economies of scale. All too frequently the main problem is that diseconomies are virtually ignored. This paper discusses the factors leading to scale economies; the impact of technical change; how diseconomies can be minimised and, consequently, how the probability of ending up with unwanted White Elephants can be reduced.