As Hurricane Harvey, now tropical storm Harvey, makes its way across the southern US, estimates have already come in as to the cost of the storm. According to AccuWeather, Harvey is expected to cost upwards of $190 billion in damages, one percent of the national GDP. This makes Harvey the costliest storm ever to hit the United States, more than Katrina ($100 billion) and Sandy ($60 billion) combined. Here Come The Clowns As in the wake of every disaster, pundits and politically biased economists — including Larry Summers who declared Japan's 2011 Tsunami would boost economic growth — ...
The Broken-Window Fallacy Is Still Alive and Well
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