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Thinking about Imbalances in Post-catastrophe Economies: An Input-Output based Proposition

  • Albert E. Steenge
  • Marija Bockarjova

In this paper we focus on the consequences of a major catastrophe for a modern economy, where 'major' means that a significant part of the economy's productive capacity is lost. In the aftermath of the catastrophe, authorities have to address a great number of issues. We show, using basic principles, that input-output methodology offers a flexible set of tools to address three fundamental issues: (1) obtaining a systematic insight in the imbalances that exist in the non-affected area after the catastrophe, (2) determining the nature of these imbalances and the way they affect options in the recovery process, and (3) introducing the elements of a cost-benefit analysis in the context of prevention and precautionary policies. Our approach strongly supports the need for extensive contingency planning in the presence of major natural hazards. A numerical example accompanies the various steps of the exercise.

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Article provided by Taylor & Francis Journals in its journal Economic Systems Research.

Volume (Year): 19 (2007)
Issue (Month): 2 ()
Pages: 205-223

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Handle: RePEc:taf:ecsysr:v:19:y:2007:i:2:p:205-223
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