Recent catastrophic natural disasters, such as the Indian Ocean tsunami of 2004, and the Haitian earthquake of 2010, have received more international attention than previous disasters, yet our rapidly evolving understanding regarding their relevance to economic development and growth is still in its infancy. Much research in the social sciences, and even more in the natural sciences, has been devoted to increasing our ability to predict disasters and prepare for them. Interestingly, however, the economic research on natural disasters and their consequences is fairly limited. We summarize here the state of this literature and point to questions that we believe need further probing.
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