Article

The Economic Welfare Cost of Conflict: An Empirical Assessment

S. Brock Blomberg and Gregory D. Hess

in The Oxford Handbook of the Economics of Peace and Conflict

Published in print April 2012 | ISBN: 9780195392777
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780195392777.013.0018

Series: Oxford Handbooks

 The Economic Welfare Cost of Conflict: An Empirical Assessment

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This article takes a macroeconomic perspective, looking at a cross section of nations over time, to provide further evidence on the costs of conflict, both internal and external. Adapting a model of Lucas (1987) intended to measure the costs of business cycles, it assesses the impact of conflict viewed as an aggregate “shock” to national consumption and welfare. The article suggests that the estimates of the permanent welfare loss resulting from war, under conservative scenarios, are remarkably large and much higher than the estimated costs of business cycles.

Keywords: conflict costs; business cycles; welfare loss; economic welfare

Article.  13085 words. 

Subjects: Economics ; Econometrics and Mathematical Economics ; Economic History

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