Dallas Federal Reserve
researchers Tyler Atkinson, David Luttrell and Harvey Rosenblum have a
new paper out in which they attempt to calculate the true cost of the
2007-2009 financial crisis and recession.
"The 2007-09 Financial crisis was associated with a huge loss of economic output and financial wealth, psychological consequences and skill atrophy from extended unemployment, an increase in government intervention, and other significant costs," they write.
And they do offer a nominal range of figures, which we'll get to in a moment.
But their larger conclusion is that the combination of measurable declines in output and opportunity costs are so vast, that an accurate total cost is practically incalculable.
"The 2007-09 Financial crisis was associated with a huge loss of economic output and financial wealth, psychological consequences and skill atrophy from extended unemployment, an increase in government intervention, and other significant costs," they write.
And they do offer a nominal range of figures, which we'll get to in a moment.
But their larger conclusion is that the combination of measurable declines in output and opportunity costs are so vast, that an accurate total cost is practically incalculable.
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