The city of 50,000 people completely lost over 8,000 homes. Its hospital and many businesses were also trashed. In all Joplin suffered well over $2 Billion worth of damage in the wake of a 20 mile tornado path.
But the high dollar figure isn't why we're featuring this on a blog about economics, we're putting this video up because it shows how monetary value is a big factor in determining the best use of resources. Even though some some costs briefly sky rocketed we can also see great waste as goods that weren't needed used up money, time and effort which could have been better allocated. Here is a story about economic recovery that doesn't fall prey to the age old delusion about Broken Windows being a positive thing.
No comments:
Post a Comment