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Unformatted text preview: -1-Economists’ Voicewww.bepress.com/ev March, 2006The Berkeley Electronic PressJoseph Stiglitz is a Regular Columnist for the Economists’ Voice. He received the 2001 Nobel Prize for Economics, and is a University Professor at Columbia University. He served as the Chairman of the President’s Council of Economic Advisers during the Clinton Administration. He was also the Chief Economist and Vice President for Development of the World Bank. He has authored hundreds of academic articles as well as Globalization and its Discontents, and The Roaring Nineties. Ph.D. MIT, 1967; B.A. Amherst, 1964.The Berkeley Electronic PressThe High Cost of The Iraq WarJOSEPH E. STIGLITZThe most important things in life—like life itself—are priceless. But that doesn’t mean that issues in-volving the preservation of life (or a way of life), like defense, should escape cool, hard economic analysis. They should.Shortly before the current Iraq war, when Bush administration economist Larry Lindsey suggested that the costs might range between $100 and $200 billion, other officials quickly demurred. For example, Office of Management and Budget Director Mitch Daniels put the number at $60 billion. It is now clear that Lindsey’s numbers were a gross underestimate.Concerned that the Bush administration might be misleading everyone about the Iraq war’s costs, just as it had about Iraq’s weapons of mass destruction and connection with Al Qaida, I teamed up with Linda Bilmes, a budget expert at Harvard, to examine the issue. Even we, as opponents of the war, were staggered by what we found. Our estimates range from slightly less than a trillion dollars (our conservative estimate) to more than $2 trillion (our moderate estimate)....
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- Spring '09
- Microeconomics, 2003 invasion of Iraq, Bush administration