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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (152395)2/20/2002 4:27:39 PM
From: PerryA  Read Replies (2) of 436258
 
Could the recession be revised away?

I keep reading that 9/11 tipped the economy into recession (or at least made it worse). Does anyone besides me think the opposite -- that perhaps it paradoxically boosted the economy? Although many of us know about the "Fallacy of the Broken Window" (thanks to Henry Hazlitt) and that an enormous amount of wealth was destroyed by the attacks, but just as with the broken window and with natural disasters in general, it seems that the urgency of adapting to the disaster shifts spending from the future to the present. Add in the emotional impact that caused patriotic spending and perhaps 9/11 provided a temporary boost to the economy.

Any thoughts/comments appreciated.

PerryA
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