Economic Lessons of the Kobe Earthquake

The earthquake that struck the Japanese port city of Kobe on January 17, 1995, was the most severe quake ever to strike a modern urban area. It has become the most studied, analyzed, and discussed natural disaster in history. What I propose to add to this dialogue is an economist's overview of what he saw in Kobe 19 months after the event and what he learned during the ensuing 6 months.

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