Murat Ferman

Opinion

An Initial Assessment of Earthquake-Related Economic Losses

In the wake of the great disaster that Türkiye has experienced, we are trying to heal each other’s wounds, mitigate each other’s suffering and rush to each other’s aid as a nation. We are compelled to highlight the economic impact of what happened in the devastation’s immediate aftermath while our memories and pain are still fresh. It is necessary to state and acknowledge that any attempt to restore and improve the “living standards” of Turkish citizens must rest on this assessment within the framework of the basic idea that the economy is supposed to serve the people. Universally speaking, economics is the science of allocating scarce resources optimally and we need its accumulated experience and principles more than ever amid crises.