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What Economic Price This War?

In: Unbearable Cost

Author

Listed:
  • James K. Galbraith

Abstract

Recently as we debated the war now underway in Iraq, seven Nobel laureates joined 150 other US economists (including myself) to call for careful consideration of the costs of war in Iraq. When economists talk about costs, what do we mean? First, we mean budget costs — for gasoline, equipment, and explosives — that begin at about $100 billion. This figure is based on an assumption that the war goes well. If the assumption is wrong, the numbers will go up fast. The history of warfare — from Europe in 1914 to Vietnam in the 1960s — is littered with gross underestimates of budget costs.

Suggested Citation

  • James K. Galbraith, 2006. "What Economic Price This War?," Palgrave Macmillan Books, in: Unbearable Cost, pages 79-80, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23672-1_21
    DOI: 10.1057/9780230236721_21
    as

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