Did The War In Iraq Create Jobs For Americans? Yes, but NO!
Is the Iraq War to Blame for the Economic Collapse? War is difficult enough to discuss; the Iraq conflict is far more complicated. Let’s take a different path: Keynesian Economics.
Intro?
My favorite Outline Generator (Hasan Aboul Hasan’s tool that uses AI to produce outlines for my articles) proposes that I talk about the conflict itself and describe what it was like, etc. I’m assuming you already know everything, and I’d like to examine everything through the lens of macroeconomics. This question was posted on Quora, and it made me think deeply because all of the answers were things like YES, IT DID CERTAINLY, and I was surprised!
The Problem With People
One of the issues I have with individuals is that they hardly read. And when they do read, it is usually for titles that aren’t worth their time. This stinks, people, read excellent stuff. In this world, we don’t have much time. I don’t want to waste any more of it on poor books. In any case, I will not be counseling anyone. I begin my talk with a simple question: Have you read Frédéric Bastiat’s That Which Is Seen and That Which Is Not Seen? Obviously not. Let me illustrate this with an example.
The Broken Window Fallacy
Assume you own a store, and your store, like all other stores, has windows. A bad child comes along and throws a rock through your glass, and bam! Your window is now shattered. You must now pay a fee to purchase new spectacles and, if feasible, install them yourself.
Someone now arrives and claims that the boy was excellent and that what he did was a favor. You feel irritated, don’t you? He goes on to explain that what you did was pay money so that someone might go to a restaurant and eat out, and you indirectly created jobs for Patriot Citizens of The United States of America. Now, this common good is going to make us even richer than before. Isn’t it funny? If that’s the case, why don’t we organize armies of children to damage stores and homes so we can spend more and everyone get rich together?
That Which Is Seen and That Which Is Not Seen
That’s an issue since we’re just focusing on what we can see, not what we can’t. As an illustration, you might use the money needed for window repair to buy a new suit, which would help a dressmaker, or you could buy a personal finance book, which would help you alter your attitude about investing and, on the other hand, might help the publisher release new titles, which would benefit everyone, and so on.
When we destroy resources (like in a war), we take the initial course of action, which is absurd. We’re wreaking havoc and wreaking ruin rather than producing riches. We must remember that while destruction leads to long-term hardship, the production ultimately leads to wealth.
Here Come The Differences
Even though I’m a big believer in the concept of ultimate success, there are some other economists who don’t. similar to John Maynard Keynes Keynesian economists favor short-term economic success above long-term success and place more emphasis on it. One of the original Keynesian ideas for economic growth is thought to be throwing a rock through a window: by causing destruction, more money would be spent, and eventually, everyone will become wealthy.
Contrarily, Bastiat is a member of the Austrian school of economics. By the way, if you believe the Federal Reserve’s strategy to assisting the economy and managing inflation is ineffective, keep in mind that nearly all of the Biden administration’s economists adhere to the Keynesian philosophy, which is not surprising at all.
Further Reading
For Further Reading, I recommend reading the entire piece by Frédéric Bastiat, as well as the IMF’s article on Keynesian Economics (It is a better source; I simply dislike Keynes, which influences my assessment of his ideas). On The Broken Window Fallacy, I propose Andrew Beattie’s post on Investopedia, which is not as complex as the other sources mentioned previously.
Note to All Soldiers and Veterans, as Well as Anyone Who Has Read This Far
My approach may look to veterans of the Iraq and Afghanistan wars to be disrespectful, but it is not. Personally, I admire every soldier on the planet, and I have never, and will never, disrespect any veteran in my life. I admire the US (and NATO) soldiers who assisted Iraqis in ousting Saddam. That was courageous and noble all at the same time. Everything you’ve read up to this point has been a study of the economic impact of all conflicts.
War is a form of tradeoff. Though difficult, it is necessary. Despite the difficulty, it is for the greater good. I was simply stating that it has a negative impact on the economy and that politicians who claim that war is beneficial are lying.
We can never forget the service men and women who fought courageously and died in this continued global fight on terror.
