"As we approach the ten-year anniversary of the September 11th terrorist attacks, we are seeing lots of estimates on the costs of America's wars waged in the last decade. Yet most of them miss the big picture."
"What was the full opportunity cost of all these wars? Few economists ask this question. What if these resources had been available for private savings and investment? What if the Americans and foreigners fighting had instead been working in the commercial sector, producing wealth? Perhaps the financial situation would look considerably better. The government is notorious for diverting money and energy from productive uses toward wasteful ones. Nothing is as destructive as war. Even the most just war imaginable is a disaster for the economy, as the great economist Ludwig von Mises explained."
Read the rest from the Independent Institute's Research Editor, Anthony Gregory.