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Perhaps more destructive than Hurricane Sandy are economists, like Dr. Peter Morici, who wants us to believe that hurricanes can deliver nett economic gain. His column of yesterday aside, here’s a Stossel video where Morici defends his position against Prof. Don Boudreaux of George Mason University.
Warning: I had to pause and catch my breath twice when confronted with Morici’s absurd suggestions. Morici tries to make an argument for excess demand and “idle” savings, to no avail. Stossel smashes a TV on set – I felt driven to such lengths as well.