Historical - Contemporary Perspectives
As 9/11 is a relatively recent event in terms of time elapsed since the event, none of the historical economic thinkers were alive at the time of the 9/11 terror attacks, therefore, the historical perspective is based on what the economist would be likely to say given their past and the way their economic policies were.
Historical Perspectives on 9/11 terror attacks
John Maynard Keynes was an English economist often referred to as the creator of “Keynesian economics” which helped rescue capitalism from self destruction and international communism. He argued that when countries that have gone through conflict or war are made to sign treaties that are unfavourable, such as Germany, they often retaliate …show more content…
He is a strong opponent of the military spending and the money mismanagement by the United States in the aftermath of 9/11 in terms of how the government allocated funds to waging war against terror. According to him, the government has mismanaged its war budget. Based on estimates by Mr. Stiglitz and Linda Bilmes, the U.S. is said to have spent anywhere in the range of US$ 3-5 trillion on the war and waging subsequent wars in other territories such as Iraq.16 This ended up putting almost all of the war costs on credit.17 Moreover, they also have to deal with the crippling costs of servicemen injured in combat with the amount standing at approximately 600,000 soldiers,18 many of whom were wounded to the point of disability which has lead to an additional $900 billion spent6 in healthcare and support for veterans injured in the war. Another added expense is the cost of taking in refugees displaced by wars in Iraq and Afghanistan, with there estimated to be an approximate of 1.7- 1.9 million in Iraq alone. 19 One positive aspect from the war on terror for the United States, according to Stiglitz, is that the government has been forced to budget properly after the immense cost of waging war or risk seeing their economy suffer huge losses and generally poor economic times.19 Another benefit of the great spending by the United States is that they now have a significant amount of new military equipment that can be used in any …show more content…
He is best known for the Black Swan theory which proposes that any economic event that is unforeseen, but which could have theoretically been predicted if it had been focused on is a term called “black swan”. Taleb believes 9/11 to be an important “black swan” in the world due to the unexpected nature of such an attack on one of the largest cities in the world. He believes that 9/11 caused a huge amount of damage to the U.S. economy and lead to many long and unnecessary wars eating into the government’s funding for important programs at home.21 He believes that the massive crackdown and war on terror following the 9/11 attacks were entirely preventable if the government had used what he calls “creative thinkers”.22 Creative thinkers are those who can imagine the impossible. He believes that 9/11 was a black swan because of the way the United States treated places such as Afghanistan in the sense that, although it was unpredictable, there were some observable changes in pattern prior to the attack, notably, the strong resentment towards the west shared by a small, but vocal and powerful group of people in the
As 9/11 is a relatively recent event in terms of time elapsed since the event, none of the historical economic thinkers were alive at the time of the 9/11 terror attacks, therefore, the historical perspective is based on what the economist would be likely to say given their past and the way their economic policies were.
Historical Perspectives on 9/11 terror attacks
John Maynard Keynes was an English economist often referred to as the creator of “Keynesian economics” which helped rescue capitalism from self destruction and international communism. He argued that when countries that have gone through conflict or war are made to sign treaties that are unfavourable, such as Germany, they often retaliate …show more content…
He is a strong opponent of the military spending and the money mismanagement by the United States in the aftermath of 9/11 in terms of how the government allocated funds to waging war against terror. According to him, the government has mismanaged its war budget. Based on estimates by Mr. Stiglitz and Linda Bilmes, the U.S. is said to have spent anywhere in the range of US$ 3-5 trillion on the war and waging subsequent wars in other territories such as Iraq.16 This ended up putting almost all of the war costs on credit.17 Moreover, they also have to deal with the crippling costs of servicemen injured in combat with the amount standing at approximately 600,000 soldiers,18 many of whom were wounded to the point of disability which has lead to an additional $900 billion spent6 in healthcare and support for veterans injured in the war. Another added expense is the cost of taking in refugees displaced by wars in Iraq and Afghanistan, with there estimated to be an approximate of 1.7- 1.9 million in Iraq alone. 19 One positive aspect from the war on terror for the United States, according to Stiglitz, is that the government has been forced to budget properly after the immense cost of waging war or risk seeing their economy suffer huge losses and generally poor economic times.19 Another benefit of the great spending by the United States is that they now have a significant amount of new military equipment that can be used in any …show more content…
He is best known for the Black Swan theory which proposes that any economic event that is unforeseen, but which could have theoretically been predicted if it had been focused on is a term called “black swan”. Taleb believes 9/11 to be an important “black swan” in the world due to the unexpected nature of such an attack on one of the largest cities in the world. He believes that 9/11 caused a huge amount of damage to the U.S. economy and lead to many long and unnecessary wars eating into the government’s funding for important programs at home.21 He believes that the massive crackdown and war on terror following the 9/11 attacks were entirely preventable if the government had used what he calls “creative thinkers”.22 Creative thinkers are those who can imagine the impossible. He believes that 9/11 was a black swan because of the way the United States treated places such as Afghanistan in the sense that, although it was unpredictable, there were some observable changes in pattern prior to the attack, notably, the strong resentment towards the west shared by a small, but vocal and powerful group of people in the