{"id":2397,"date":"2014-12-03T12:24:04","date_gmt":"2014-12-03T17:24:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2397"},"modified":"2014-12-03T12:24:04","modified_gmt":"2014-12-03T17:24:04","slug":"nobel-prize-winning-economists-federal-reserve-chair-and-other-top-experts-war-is-bad-for-the-economy-washingtons-blog","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2397","title":{"rendered":"Nobel Prize Winning Economists, Federal Reserve Chair and Other Top Experts: War Is BAD for the Economy Washington’s Blog"},"content":{"rendered":"

Nobel Prize Winning Economists, Federal Reserve Chair and Other Top Experts: War Is BAD for the Economy Washington’s Blog<\/a>.<\/p>\n

Debunking the Stubborn Myth that War Is Good for the Economy<\/h3>\n

About.com\u00a0notes<\/a>:<\/p>\n

\n

One of the more enduring myths in Western society is that wars are somehow good for the economy.<\/p>\n<\/blockquote>\n

It is vital for policy-makers, economists and the public to have access to a definitive analysis to determine once and for all whether war is good or bad for the economy.<\/p>\n

That analysis is below.<\/p>\n

Top Economists Say War Is Bad for the Economy<\/h3>\n

Nobel prize winning economist Paul Krugman\u00a0notes<\/a>:<\/p>\n

\n

If you\u2019re a modern, wealthy nation<\/strong>, however,\u00a0war \u2014 even easy, victorious war \u2014 doesn\u2019t pay<\/strong>. And this has been true for a long time. In his famous 1910 book \u201cThe Great Illusion<\/a>,\u201d the British journalist Norman Angell argued that \u201cmilitary power is socially and economically futile.\u201d As he pointed out, in an interdependent world (which already existed in the age of steamships, railroads, and the telegraph),\u00a0war would necessarily inflict severe economic harm even on the victor. Furthermore, it\u2019s very hard to extract golden eggs from sophisticated economies without killing the goose in the process<\/strong>.<\/p>\n

We might add that\u00a0modern war is very, very expensive<\/strong>. For example, by any estimate the eventual costs (including things like veterans\u2019 care) of the Iraq war will end up being well\u00a0over $1 trillion<\/a>, that is, many times Iraq\u2019s entire G.D.P.<\/p>\n

So the thesis of \u201cThe Great Illusion\u201d was right:\u00a0Modern nations can\u2019t enrich themselves by waging war<\/strong>.<\/p>\n<\/blockquote>\n

Nobel-prize winning economist Joseph Stiglitz agrees that\u00a0war is bad for the economy<\/a>:<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Nobel Prize Winning Economists, Federal Reserve Chair and Other Top Experts: War Is BAD for the Economy Washington’s Blog. Debunking the Stubborn Myth that War Is Good for the Economy About.com\u00a0notes: One of the more enduring myths in Western society is that wars are somehow good for the economy. It is vital for policy-makers, economists […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[246,460,614,862],"class_list":["post-2397","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-economy","tag-joseph-stiglitz","tag-paul-krugman","tag-war"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2397"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2397\/revisions"}],"predecessor-version":[{"id":2398,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2397\/revisions\/2398"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}