Question
In 1992, Bill Nelson, a representative from the Florida House of Representatives in Tallahassee, was touring the damage done by Hurricane Andrew in Homestead. As
In 1992, Bill Nelson, a representative from the Florida House of Representatives in
Tallahassee, was touring the damage done by Hurricane Andrew in Homestead. As he looked
out the windows of his limousine at the devastated houses and destroyed roads, he remarked,
"Look at all this damage! This will stimulate the construction industry and put everyone to
work! I always did say that hurricanes are good for Florida..." From the point of view of
economic theory, what is wrong with Mr. Nelson's statement?
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Economics
Authors: Roger A. Arnold
12th edition
978-1305758674, 1305758676, 978-1285738321
