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War and the Economy, Again


Tags Booms and BustsMedia and CultureWar and Foreign Policy

This article from the Atlanta Journal-Constitution quotes me on the subject of war and the economy.

I got the impression during our conversation that the author understood the traditional what-is-seen and what-is-not-seen argument I made, yet anyone walking away from this article would probably conclude that war really is a nice if unfortunate source of stimulus.

I do object to this characterization of what I said: "The idea that war is an economic stimulus is especially suspect if the economy is already in decent shape, said Thomas Woods Jr...." I never said any such thing; whether the economy is in decent shape or lousy shape, war is not a boon, period.

Also, the direct monetary costs of wars, even if relatively small compared to the economy's output, conceal other, typically hidden costs, as I argue here (.pdf).

Tom Woods, a senior fellow of the Mises Institute, is the author of a dozen books, most recently Real Dissent: A Libertarian Sets Fire to the Index Card of Allowable Opinion. Tom's articles have appeared in dozens of popular and scholarly periodicals, and his books have been translated into a dozen languages. Tom hosts the Tom Woods Show, a libertarian podcast that releases a new episode every weekday. With Bob Murphy, he co-hosts Contra Krugman, a weekly podcast that refutes Paul Krugman's New York Times column.

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