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Economics of War

Celebrating Labor Day 2012: Willow Run

on Sun, 09/02/2012 - 18:58

Observed on the first Monday in September, Labor Day is a U.S. Federal holiday honoring the contributions of America's workers. In celebration of Labor Day 2012 we will take a look at one of the biggest and most spectacular industrial efforts in U.S. history: the Willow Run Manufacturing Plant.

During the massive rearmament drive ordered by U.S. President Franklin Delano Roosevelt prior to the U.S. entry into World War II aircraft production quickly rose to the forefront of manufacturing efforts - particularly the production of heavy bombers.

Iraq War Costs Expected to Challenge WWII

on Sun, 11/06/2011 - 16:11

World War II is widely rememberd as the most expensive war ever fought by the United States. In constant dollars, World War II's portion of our nation's GDP reached 35.8% at its height, and ultimately cost a staggering $4.1 trillion in FY2011 dollars. Many have long thought that, short of a feared WWIII, it would hardly be likely that today's unconventional wars could approach such costs. However, a recent report has found that, when it is all said and done, the war in Iraq will end up costing more, in constant FY2011 dollars, than even WWII.

University of Columbia economist Joseph Stiglitz