Bombing cost millions?
We know the facts about the bombing in Boston. 3 people lost their lives, over 170 people were injured, and an entire building was destroyed. What effect does this act really have though? After reading this article it brought to light some of the things I did not think of in my terror of the bombing. Yes, this act instilled fear for a short amount of time, but the real effect was the time spent chasing the suspect. People were stuck in their house so they were unable to work, they also were not able to consume products. Also the food, gasoline, and other products were unable to get into Boston as a result making it take a little extra time for them to get back up and running. Lastly, something not mentioned in the article was the sporting events that were cancelled because of it, that is another economic element effected. So when we think of terror attacks don't think a small number of deaths means they weren't successful, as we learned in class GDP not realized can never be gotten back, so during this time we lost GDP we will never be able to get back.
I agree that most people do not think of the economic impact these things have. For example, in another class I learned how much potential profit farmers can lose from a drought or a flood, when you would just simply think they won't produce as much. This is a similar thing, the city's money flow decreased drastically throughout the past couple of days, and will impact the city's economic stance.
ReplyDeleteWhile the loss of GDP is noteworthy through an economic lens, it's important to keep things in proper perspective. With a dangerous criminal on the loose who was capable of detonating explosives, it's good to see safety valued over money. Yes, only three lives were lost, but the catastrophe could easily have been much worse. Furthermore, isn't the preservation of an innocent life worth a dip in GDP?
ReplyDeleteThe economic perspective is certainly an important aspect of the bombing, but like Colton said their area also non-measurable values to the dip in GDP. While GDP is a good economic measurement, it does not measure all of the factors that contribute to an economy. An example of these are safety, political stability, and non-use values. Although, shutting the city down was disruptive, it also contributed to catching the suspects and provided closure to the horrible situation.
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