Macro-Economics and War

Many of us believe - because it is part of the conventional wisdom of modern American history - that while war and other forms of violence are terrible in their human costs, they do tend to have salutary effects on the economy. We have all heard how World War paid the nation back in some small measure for its horror by saving the United States from the misery of the Great Depression. However, as is the case with any piece of conventional wisdom, we should take care not simply to accept the contention that war is good for the economy ( Bernanke, 2000, p. 19). It is certainly true that conventional wars like World War II (a very different kind of war than the current war on terror) have typically boosted the nation's overall production (and certainly the production in key industries). However, the over

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Category: History - M