Preface. Economic Effects of Natural Disasters: theoretical foundations, methods, and tools

Other Publication ResearchOnline@JCU
Chaiechi, Taha
Taha Chaiechi
Abstract

[Extract] One can apply Frederic Bastiat's parable of the broken window to any amount of destruction in the form of intended or unintended consequences, with the former extensively explored in the works of mainstream economists. The Austrian-American economist, Joseph Schumpeter (1942), for instance, derived the term "creative destruction" to refer to outdated production units that are replaced by new production mechanisms through the innovation process.

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Publication Name

Economic Effects of Natural Disasters Theoretical Foundations, Methods, and Tools

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ISBN/ISSN

978-0-12-817465-4

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Pages Count

2

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Publisher

Elsevier

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Publisher Location

London, UK

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DOI

10.1016/B978-0-12-817465-4.00041-8