ECONOMIST JOSEPH STIGLITZ has said that the IRAQ WAR had a role 2 play in the slowdown of us economy ?comment?


JOSEPH STIGLITZ is a nobel winning economist………also answer what r the costs of the war for the US? and what r the benefits?if possible give facts and figures…………………..plzzzzzzzz help me with this………..thank u

What Stiglitz has to say:
http://www.theaustralian.news.com.au/sto…
http://www.timesonline.co.uk/tol/comment…
http://www.vanityfair.com/politics/featu…

This is the only article I can find that even begins to critique the figures, and it is not credible. For example,

“Professor Steven Davis of the University of Chicago Graduate School of Business challenges as “unwarranted” their argument that even $5-$10 of the per barrel increase is because of the war. The 2003 drop in oil production by Iraq accounted for less than 1% of world production.”

But it is not the average that sets prices but the margin. It can easily be the case that change in supply of 1% can change the prices by 10%, especially if the war itself causes demand for oil to increase as well. (This doesn’t mean that Stiglitz is right about the oil price change, just that this argument against him is very weak)

If he were fundamentally wrong, I’d expect a major response from the Bush Administration, and I haven’t seen it.

And even the Congressional Budget Office comes up with a figure that is much closer to Stiglitz’ $3 trillion than to the Bush Administration’s original estimate of $50 billion:
http://www.usatoday.com/news/world/iraq/2008-03-10-war-cost_N.htm

As for a cost-benefit analysis: we have a good idea of the costs; we have no idea of the benefits. If Iraq becomes a solid democracy, at peace with its neighbors, etc. then the benefits would be great; but given what we’ve seen so far, there is no reason to expect that outcome (and the evidence is that there was no reason to expect that outcome before the war started)

properly as my Western Civilization professor positioned it, we are in a lose lose challenge. There are 2 somewhat large subject concerns in the government suitable now. the U. S. financial subject concerns, and terror. If we bypass away Iraq, purely pull out our economic gadget is going to return out of the drain, however the insurgents are going to win and that’s a extensive possibility to U.S. protection. If we don’t pull out the U.S. economic gadget is flushed because of the fact we won’t be able to help this conflict without extra advantageous taxing. some human beings have pronounced that we will might desire to stay in Iraq for one hundred years to stabilize it.

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