It seems likely that Americans are un-derestimating the economic commitments involved in a war with Iraq," says William Nordhaus, an economics professor at Yale University. Given all the imponderables surrounding such a war, it is surprising how many experts (like Mr Nordhaus) are trying to work out how much it might cost. After all, it is not clear whether Saddam Hussein's grip will crumble or if he might use weapons of mass destruction. And it is anybody's guess whether OPEC countries will replace any lost Iraqi production-or might slash output in a general Arab boycott.
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