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Is War Beneficial to the Economy?
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T/F - WWII brought the US out of the Great Depression???
Brainstorm 3 positive or negative economic effects of war (depending on your answer above)…
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(1) Expert Groups:a. Read articleb. Answer article question in note formc. Make sure you ALL take notes and ALL
understand the article – you will all teach!
(2) Jigsaw Groups:a. New groups – one person from each expert
groupb. Each person has about 4 minutes to presentc. Everyone takes notes
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1. Hazlitt Ch. 1: What are the two central errors of the “new” economists? What is the opposite possible error, often made by the classical economists?
2. Hazlitt Ch. 2: Explain the Broken Window fallacy.
3. McCloskey: According to McCloskey, is war good or bad for the economy? Cite 3 pieces of data to support your response.
4. Thomas Friedman: What is the Golden Arches Theory of Conflict Prevention?
5. Thomas Friedman: What is the Dell Theory of Conflict Prevention?
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Conflict: Cost (Billions) Per Capita
The Revolution (1775-1783) 1.2 342.86War of 1812 (1812-1815) 0.7 92.11Mexican War (1846-1848) 1.1 52.13Civil War (1861-1865): Union 27.3 1,041.98
Confederate 17.1 2,111.11Spanish American War (1898) 6.3 84.45World War I (1917-1918) 196.5 1,911.47World War II (1941-1945) 2,091.3 15,655.17Korea (1950-1953) 263.9 1,739.62Vietnam (1964-1972) 346.7 1,692.04Gulf War (1990-1991) 61.1 235.00
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(1) Is war beneficial to the economy?(2) How might we use the global economy to
avoid future conflicts?(3) What do you think of Friedman’s theories
of international conflict prevention – do you buy into his ideas?