Wildfires continue to rage in Los Angeles and Southern California. Paul Krugman, a Nobel Prize laureate economist and author of the recently launched Substack, "Krugman wonks out," joins Catalysts with Seana Smith and Madison Mills to discuss the economic impact of the wildfires.
The US economy is almost inconceivably big," Krugman explains. "And big economies can absorb even really large natural disasters without much visible sign."
"It's an enormous human tragedy, and for the state of California, obviously, its biggest metropolitan area has been really severely damaged, but again, people always make the mistake with the US [economy] ... $1 million or even 1 billion or even $100 billion — those are all small sums compared with America," the economist says, as some estimate the fires are the most costly in US history.
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This post was written by Naomi Buchanan.
