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The Economist.

From The Economist in London, this is Money Talks, a weekly conversation around themes in the worlds of business, finance and economics. I'm Stan Pagnell the banking editor

And this week we consider the economic impact of terrorism in terrorism in the aftermath of the atrocities in Paris on November 13th, analyzing the

consequence of terrorist acts in terms of lost GDP or lower stock market

indices may seem to be missing the point, but that is only partly the case.

Terrorists aim to wreak havoc, including with our economy.

There is a reason why voters and policy makers spend so much time focusing on things like GDP.

Growth means jobs, it means opportunities. So with that

caveat, I'm joined today by Philip Kogan, our Buttonwood columnist, and Anton LaGuardia, our deputy

foreign editor.

Phil, let's start with you.

You've commented on this in your blog,

Buttonwood's notebook, and you found actually

that the economic impact of terrorism is perhaps surprisingly small. Yes, I think the reason is that a concerted terrorist campaign like for example the IRA in Northern Ireland for 30 years has one effect, one-off incidents, however terrible, like the Paris

ones or more significantly even 9-11 in 2001, seem to have a big short-term impact and then fade from the memory. So the third quarter

...