Was Alaska a Good Buy?
Bookmark & ShareFebruary 16, 2010 Source: Marginal Revolution
The U.S. bought Alaska from the Russian Empire in 1867 for $7.2 million.At the time, the purchase was derided as "Seward's Folly," but today it's common to compare the purchase price with Alaska's gross state product of $45 billion and claim it a resounding success. But is that the right comparison?
This blog explores this question and the thoughts shared by Tippie adjunct professor David Barker in a recent paper on the subject.
