As the shock of last week’s terrorist attacks subsides, speculation about a war on the horizon has sparked concern in economic circles.

Compared to the mounting death toll after the attacks on the World Trade Center towers and the Pentagon, the state of the economy seems less significant, said Herman Quirmbach, associate professor of economics. However, he said the economy’s fluctuation is normal following such an unusual week.

“When you shut down the markets for most of the week and there is a significant amount of destruction in certain markets like the airline industry, some degree of volatility is to be expected,” he said.

The Federal Reserve Board already has taken steps to help adjust the economy by lowing interest rates, Quirmbach said.

“Long term, there is not going to be a great effect in terms of stock prices,” he said, “but there may be some significant decreases in airlines and businesses at the World Trade Center.”

Quirmbach said the human aspect will have a lasting affect on the American people, but from an economic standpoint, the death toll will not have any more of an impact than other economic factors.

Robert Lowry, associate professor of political science, said the effects on the country’s economy were felt over the last week.

“We are already seeing some effects on the economy in the airline industry,” he said, “and [the U.S.] could see a change in defense spending.”

There are signs the United States could be heading to war, Lowry said, but it depends on which definition of war is used.

“If it is proven there is a foreign government involved with the World Trade Center then we could have a war,” he said. “But if it is not, then we could have what Colin Powell calls a campaign.”

A campaign wouldn’t include sending troops into battle, but it would entail a continuing search for terrorists, Lowry said.

In the U.S.’s situation, a war could stimulate the economy, Quirmbach said, even though it would be an unwanted stimulus.

“It has really been 35 years since we were in a full-scale war,” he said. “The economy has changed over time, and [the effects] would be difficult to predict.”

Various wars have had different effects on the U.S. economy, Quirmbach said. World War II helped bring the United States out of the Depression, while Vietnam caused inflation.

“It depends on what the economic environment is when the war production effort begins,” he said.