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Disaster Ignorance

Scrap Iron in Texas Wrote: Nov 14, 2012 1:00 AM
Professor Peter Morici has never heard of the broken window fallacy. Sure, there is economic growth, but the money comes from insurance companies who got it from insurance premiums. There was no real growth, only delayed growth.
Here's a which-is-better question for you. Suppose a New Jersey motel room rented for $125 a night prior to Hurricane Sandy's devastation. When the hurricane hits, a husband, wife and their two youngsters might seek the comfort of renting two adjoining rooms. However, when they arrive at the motel, they find that rooms now rent for $250. At that price, they might decide to make do with one room. In my book, that would be wonderful. That decision would make a room available for another family who had to evacuate Sandy's wrath. New Jersey Gov. Chris Christie and others condemn this...
Sunday, May 19 | 05:42 PM ET
Sunday, May 19 | 05:42 PM ET
Sunday, May 19 | 05:42 PM ET
Sunday, May 19 | 05:42 PM ET