The Economic Costs of the Iraq War: An Appraisal Three Years After the Beginning of the Conflict
AbstractMany aspects of the Iraq venture have turned out differently from what was purported before the war: there were no weapons of mass destruction, no clear link between Al Qaeda and Iraq, no imminent danger that would warrant a pre-emptive war. Whether Americans were greeted as liberators or not, there is evidence that that they are now viewed as occupiers. Stability has not been established. Clearly, the benefits of the War have been markedly different from those claimed. So too for the costs. This paper, in two parts first provides an estimate of the 'direct' expenditures, and provide adjustments to reflect the true social costs of the resources deployed. The second provides an estimate of the macro-economic costs; the effects of the War on the overall performance of the economy, taking into account both the effects of the expenditures themselves and of the increased price of oil, some of which at least should be attributed to the War. Americans could, and should have asked, are there ways of spending that money that would have enhanced our long run well beingâ€”and perhaps even our securityâ€”more.
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Date of creation: Feb 2006
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Iraq; weapons of mass destruction; Al Quaida; Costs of war; West Asia; US; International Affairs; US Foreign Policy; US-Iraq;
Other versions of this item:
- Linda Bilmes & Joseph Stiglitz, 2006. "The Economic Costs of the Iraq War: An Appraisal Three Years After the Beginning of the Conflict," NBER Working Papers 12054, National Bureau of Economic Research, Inc.
- Bilmes, Linda & Stiglitz, Joseph E., 2006. "The Economic Costs of the Iraq War: An Appraisal Three Years after the Beginning of the Conflict," Working Paper Series rwp06-002, Harvard University, John F. Kennedy School of Government.
- H5 - Public Economics - - National Government Expenditures and Related Policies
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