The economics of defense

Concepts of defense economics for the 21st century. Defense economics examines peace as well as defense issues, using such macroeconomic and microeconomic tools as growth theory, static optimization. There is an economic cost to having defense spending that shows up in the national debt and in a dislocation of potential jobs from the private sector to the public. In 1775, the continental congress established the army, navy, and marine corps to fight the american revolution. Defense economics, field of national economic management concerned with the economic effects of military expenditure, the management of. This element surveys the field of defense, peace, and war economics with particular emphasis on the contributions made by austrian economists. It embraces a wide range of topics in both macroeconomics and microeconomics.

Defense economics, field of national economic management concerned with the economic effects of military expenditure, the management of economics in wartime, and the management of peacetime military budgets. I then discuss the rise of a distinct and systematic defense, peace, and war economics field of study starting in the. Explore handbook content latest volume all volumes. This compelling book provides an uptodate survey of the field of defense economics, the study of defense and. Recent releases annual projected defense purchases. The economics of defense cambridge surveys of economic.

Defence economics is a relatively new field within the discipline of economics. Examples include the relationship between defence spending and growth. It includes publications and data from the office of the secretary of defense as well as from other government agencies and academic institutions. A useful anticipation of defense economics must rest upon the dramatic, continuing, and confusing upheaval in the functions of military forces in the world of the. It covers a range of issues, including nuclear proliferation, resource disputes, environmental externalities, ethnic conflicts, and terrorism, all of which present grave threats to peace and security. It also crowds out funding for all other government services.

Choices have to be made about the size of a nations defence budget, its allocation between nuclear and conventional forces, between equipment and personnel and between air, land and sea forces. Defense, peace, and war economics by christopher j. Read the latest chapters of handbook of defense economics at sciencedirect. This page is intended to serve as a resource for those interested in defense economics.

Defense economics is the study of both defense and peace issues, using the tools of modern economics. On the negative side, defense spending threatens the economy in the long term by increasing the budget deficit, and thereby the u. It involves building up a strong and robust economy that can sustain singapore through economic challenges and national emergencies. This statement of principle was followed, in the 1957 white paper, by a brief analysis of the. It studies all aspects of the economics of war and peace. The economics of defense by todd sandler goodreads. A discussion of the contribution of analysis to military policy planning in the nuclear age in terms of the most efficient allocation of available resources. The world economic crisis has also threatened government spending with defence as a candidate for spending cuts. The economics of defense or defense economics is a subfield of economics, an application of the economic theory to the issues of military defense. Theory, empirical and policy issues will be addressed within the broad area of defence and peace economics. Economic defence is about having a strong and resilient economy.