The three trillion dollar war

Watch this video: Joseph E. Stiglitz on the true cost of the Iraq War, on The Real News network, 91 min, September 15, 2008.

Winner of the 2001 Nobel Prize in Economics, Joseph E. Stiglitz of Columbia University is the author of the book: The Three Trillion Dollar War: The True Cost of the Iraq Conflict.

The book assesses the true cost of the Iraq War as $3 trillion – and counting – rather than the $50 billion projected by the White House and measures what the US taxpayer’s money would have produced if instead it had been invested in the further growth of the US economy.

Joseph E. Stiglitz is now University Professor at Columbia University in New York and Chair of Columbia University’s Committee on Global Thought. He is also the co-founder and Executive Director 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.

Stiglitz was a member of the Council of Economic Advisers from 1993-95, during the Clinton administration, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000.

Stephanie Flanders is the BBC’s Economic Editor. Before joining the BBC Flanders worked in New York as a reporter for the New York Times, and as principal editor of the UN’s 2002 Human Development Report. Before heading off to America, she was a leader writer and economics columnist with the FT in London.

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