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In Today’s Dollars: Quantifying Economic Violence Against Blacks

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  • Robert S. Chirinko

Abstract

How much is owed today to Blacks and other groups who have suffered substantial past economic violence? The issue has become extremely relevant given the $105 million reparations program announced by the City of Tulsa on June 1, 2025. To make some progress on this complex issue, this short paper focuses on the economic procedures used to relate some components of the legacy of slavery to compensation in today’s dollars. Two well-defined property losses -- the 1921 Tulsa Riot and the 1874 Freedman’s Bank Failure -- provide concrete examples facilitating a critical examination of three estimation procedures. One is unworkable; one systematically underestimates losses. A third procedure with an element of novelty - assets-as-economic-rights - is proposed that avoids these problems and may prove useful in other discussions concerning reparations and racial wealth gaps that value past economic violence in today’s dollars. A key part of the 2023 California Reparations Plan relies on the first two procedures, and those calculations are reevaluated.

Suggested Citation

  • Robert S. Chirinko, 2025. "In Today’s Dollars: Quantifying Economic Violence Against Blacks," CESifo Working Paper Series 11948, CESifo.
    • Handle: RePEc:ces:ceswps:_11948
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    File URL: https://www.ifo.de/DocDL/cesifo1_wp11948.pdf
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    References listed on IDEAS

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    1. Chirinko, Robert S., 1993. "Multiple capital inputs, Q, and investment spending," Journal of Economic Dynamics and Control, Elsevier, vol. 17(5-6), pages 907-928.
    2. Alex Albright & Jeremy A. Cook & James J. Feigenbaum & Laura Kincaide & Jason Long & Nathan Nunn, 2021. "After the Burning: The Economic Effects of the 1921 Tulsa Race Massacre," NBER Working Papers 28985, National Bureau of Economic Research, Inc.
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    Keywords

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    JEL classification:

    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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