This fits with the widespread view that the particular flood, bushfire or storm at hand is, indeed, terrible, not just for the human cost, but also for the damage to the so-called “economy” (forgetting for the moment that economies are nothing more than collections of humans).

A reduction in the value of the nation’s economic output – or gross domestic product (GDP) – can be added to the long list of destruction  caused by the disaster. That is until our precise-to-a-fault economist clears their throat and adds another element to the story.

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In addition to reducing some output in the short term,

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