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Japan's Devastation Is not an Economic Plus

Written By: Walter E. Williams  |  Posted: Wednesday, March 30th, 2011

            Economic lunacy abounds, and often the most learned, including Nobel Laureates, are its primary victims. The most recent example of economic lunacy is found in a Huffington Post article titled "The Silver Lining of Japan's Quake" written by Nathan Gardels, editor of New Perspectives Quarterly, who has also written articles for The Wall Street Journal, Los Angeles Times, New York Times and Washington Post.

            Mr. Gardels says, "No one - least of all someone like myself who has experienced the existential terror of California's regular tremors and knows the big one is coming here next - would minimize the grief, suffering and disruption caused by Japan's massive earthquake and tsunami. But if one can look past the devastation, there is a silver lining. The need to rebuild a large swath of Japan will create huge opportunities for domestic economic growth, particularly in energy-efficient technologies, while also stimulating global demand and hastening the integration of East Asia. ... By taking Japan's mature economy down a notch, Mother Nature has accomplished what fiscal policy and the central bank could not."

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