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Emily Chamlee-Wright, Daniel Rothschild (2008)
Disastrous Uncertainty: How Government Disaster Policy Undermines Community Rebound
P. Kasriel
Hurricane Katrina had no silver lining
J. Keynes (1937)
The General Theory of EmploymentQuarterly Journal of Economics, 51
M. Schleifstein
Levees don't measure up, corps warns; many not as high as previously thought”, Times‐Picayune , December 3, final ed.
R. Jervis
2 years after Katrina, pace of rebuilding depends on who pays
Congressional Budget Office
Congress of the United States, The Macroeconomic and Budgetary Effects of Hurricanes Katrina and Rita: An Update
S. Grisset
Taxes will rise to pay for levee work; feds no longer paying for it
Staff Writer
Audits: millions in Katrina aid wasted
F. Bastiat
That which is seen and not seen
P. Krugman
Not the new deal
L. von Mises
Bureaucracy
White House Press Release
President Discusses Hurricane Relief in Address to Nation
H. Hazlitt (1946)
Economics in One Lesson
D. Rothschild
The myths of hurricane Katrina
M. Schleifstein
Concerns voiced about ability of levees to protect communities; insurance exec: U.S. faces litany of woes
Purpose – The purpose of this paper is to analyze the rebuilding of the Gulf coast post‐Hurricane Katrina. Design/methodology/approach – The paper posits that though Frédéric Bastiat passed away in 1850, the beauty of his sound economic reasoning is that it does not change over time and that his essay, “That which is seen, and that which is not seen,” is especially insightful in analyzing the rebuilding of the Gulf coast. The paper first expounds his lesson and then applies it to the conflict between the private and public sectors in order to attack the fallacies of government spending and vindicate the free‐market approach to reconstruction. Findings – The paper finds that the areas where the government has coercively arrogated to itself a monopoly – police and fire departments to protect lives and property, courts to punish rights violators, water and sewer systems to restore potable water to homes – are the areas where recovery lags the most. Since government has diverted its attention from these services where competition is not allowed, and has instead become involved in the provision of goods and services otherwise provided on the free market – houses, food, clothing – its efforts have not only not assisted the recovery, they have actually stood in its way. Originality/value – The paper provides a valuable overview of lessons that can be learnt from the aftermath of the Katrina disaster.
International Journal of Social Economics – Emerald Publishing
Published: Jun 6, 2008
Keywords: United States of America; Natural disasters; Man‐made disasters; Floods; Construction operations; Economic theory
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