The Economics of the War on Terrorism With Milton Friedman

On our program today, Nobel Prize winner, Milton Friedman on the economics of America's war on terrorism.

The terrorist attacks of September 11th cost thousands of lives and did tens of billions of dollars worth of damage. Those were the direct, immediate costs but how much damage will the terrorist attacks do to the economy as a whole and how long lasting is that damage likely to prove? To get the economy moving again, should the government take action, cut taxes, increase spending? What about the new burdens the government is taking on? The huge bailout of the airline industry, the massive increases in defense expenditures.

Milton Friedman, one of the most influential economists of the last century served as an advisor to Presidents Richard Nixon and Ronald Reagan. In 1976, he received the Nobel Prize in Economic Science.

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