The Three Trillion Dollar War: The True Cost of the Iraq Conflict [NOOK Book]

Overview

The true cost of the Iraq War is $3 trillion—and counting—rather than the $50 billion projected by the White House.


Apart from its tragic human toll, the Iraq War will be staggeringly expensive in financial terms. This sobering study by Nobel Prize winner Joseph E. Stiglitz and Harvard professor Linda J. Bilmes casts a spotlight on expense items that have been hidden from the U.S. taxpayer, including not only big-ticket items like replacing military equipment (being used up at ...
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The Three Trillion Dollar War: The True Cost of the Iraq Conflict

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Overview

The true cost of the Iraq War is $3 trillion—and counting—rather than the $50 billion projected by the White House.


Apart from its tragic human toll, the Iraq War will be staggeringly expensive in financial terms. This sobering study by Nobel Prize winner Joseph E. Stiglitz and Harvard professor Linda J. Bilmes casts a spotlight on expense items that have been hidden from the U.S. taxpayer, including not only big-ticket items like replacing military equipment (being used up at six times the peacetime rate) but also the cost of caring for thousands of wounded veterans—for the rest of their lives. Shifting to a global focus, the authors investigate the cost in lives and economic damage within Iraq and the region. Finally, with the chilling precision of an actuary, the authors measure what the U.S. taxpayer's money would have produced if instead it had been invested in the further growth of the U.S. economy. Written in language as simple as the details are disturbing, this book will forever change the way we think about the war.
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Product Details

  • ISBN-13: 9780393068085
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 2/17/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 336
  • Sales rank: 517,412
  • File size: 579 KB

Meet the Author

Linda J. Bilmes, of Harvard University's Kennedy School of Government, is an expert in government finance. She is a former assistant secretary and chief financial officer of the U.S. Department of Commerce.
Joseph E. Stiglitz received his PhD from MIT in 1967, became a full professor at Yale in 1970, and was awarded the John Bates Clark Award in 1979, which is given biennially by the American Economic Association to an economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, and MIT, and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now a professor at Columbia University and co-chair of Columbia University's Committee on Global Thought. He is also the co-founder and co-president of the Initiative for Policy Dialogue at Columbia. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. In 2011, Time named Professor Stiglitz one of the 100 most influential people in the world. Professor Stiglitz was a member of the Council of Economic Advisers from 1993–95, during the Clinton administration, and served as its chairman from 1995–97. He then became chief economist and senior vice president of the World Bank from 1997–2000. In 2008, he was asked by the French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress, which released its final report in September 2009. In 2009, he was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System, which also released its report in September 2009. Professor Stiglitz helped create a new branch of economics—The Economics of Information—exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only for theorists but also for policy analysts. He has made major contributions to the theories of welfare economics and of income and wealth distribution, and his work has helped explain the circumstances in which markets do not work well and how selective government intervention can improve market performance. Recognized around the world as a leading economic educator, Professor Stiglitz has written books that have been translated into more than a dozen languages. He also founded one of the leading economics journals, The Journal of Economic Perspectives. His book, Globalization and Its Discontents (Norton, 2001), has been translated into 35 languages and has sold more than a million copies worldwide. Other recent books include The Roaring Nineties (Norton); Towards a New Paradigm in Monetary Economics (Cambridge University Press), with Bruce Greenwald; Fair Trade for All (Oxford University Press), with Andrew Charlton; Making Globalization Work (Norton and Penguin/ Allen Lane, 2006); The Three Trillion Dollar War: The True Cost of the Iraq Conflict (Norton and Penguin/ Allen Lane, 2008), with Linda Bilmes at Harvard University; Freefall: America, Free Markets, and the Sinking of the World Economy (Norton and Penguin/ Allen Lane, 2010); and The Price of Inequality: How Today's Divided Society Endangers Our Future (Norton and Penguin/ Allen Lane, 2012).
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Customer Reviews

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Sort by: Showing 1 – 4 of 3 Customer Reviews
  • Anonymous

    Posted April 24, 2008

    Useful estimates of the real costs of Bush's wars

    Joseph Stiglitz, who won the Nobel Prize for Economics in 2001, and Linda Bilmes, a lecturer at Harvard, have produced an estimate of the real cost of the wars on Iraq and Afghanistan. In Iraq, 4,000 US troops have been killed, 58,000 wounded, and 100,000 have returned home with serious mental disorders. Stiglitz and Bilmes estimate that the USA¿s total lifetime medical, disability and social security costs for the two wars will be $717 billion through to 2017. They estimate that the war against Iraq will cost the USA a total of $2.65 trillion through to 2017. The war on Afghanistan will cost another $850 billion through to 2017. The total is $3.5 trillion. 'Bush misunderestimated it would be $50 billion, wrong by a factor of seventy.' This works out at $25,000 for every US household. The costs of the two wars to the rest of the world are another $3 trillion, largely because the invasion has driven up oil prices from $25 a barrel to $120. This has cost the world $800 billion so far, and will have cost an estimated $1.6 trillion by 2015. It has cost us in Britain £24 billion so far, and will have cost an estimated £50 billion by 2015. The wars¿ direct military costs to us in Britain so far are £8.7 billion the estimated future costs till 2015 are another £7 billion. Veterans¿ disability and medical costs are £2.3 billion. The social costs of deaths and disabilities are another £2 billion. The total is £20 billion, £800 per household. The First World War cost the USA $577 billion, the war on Korea $295 billion, the war on Vietnam $670 billion and the Gulf War $94 billion. The total cost of these four wars was $1.64 trillion, which is just half the cost of the two current wars.

    4 out of 4 people found this review helpful.

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  • Posted October 11, 2011

    more from this reviewer

    Essential Reading for Citizenship

    We engaged Iraq in battle at what cost? This is the simple question for which Nobel economist Joseph E. Stiglitz of Columbia University and Linda J. Bilmes of the Harvard University's Kennedy School of Government assess. They do this in depth. The enormous financial and human toll of this venture in power comes clear in this accounting.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 19, 2010

    No text was provided for this review.

  • Anonymous

    Posted December 8, 2008

    No text was provided for this review.

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