Military Economics: The Interaction of Power and Money

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Overview

Military power and conflict have fuelled economic growth throughout history. Money matters to the military; it is needed to finance war and the desire to acquire it is often the motive for fighting. This book examines the interaction of economics and conflict, it explains the economic concepts used, and illustrates them with a range of military examples, both contemporary and historical. Among the many links explored lies the undeniable fact that fighting and finance are often both driven by the same basic human motives, fear and greed.

Military Economics draws on technical literature to provide an accessible introduction to: security, military expenditures, the arms industry, military operations and the economic consequences of defence spending. It raises current debates about the optimal size of the defence budget and examines how it is used to acquire forces, troops and weapons: the book examines how these forces are used to provide maximum military capability, and the potential to prevail in combat. Economic issues are central to the preparation for war, which involves balancing resources and commitments. By exploring the interaction between the military and economy, power and money, Ron Smith provides an insightful contribution to military planning, which becomes essential to the modern world. This book will be indispensable reading for all interested in defence economics, war studies and peace studies.

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Editorial Reviews

From the Publisher
"The mathematical and statistical language of defence and peace economics has long been incomprehensible to many students of security and the military. In Military Economics, Britain's leading defence economist resolves this with an accessible synthesis of the technical literature and provides an authoritative survey of the key interactions between military power and money. This book is essential reading for academics and practitioners interested in relationships between the military dimensions of economics and conflict."— Professor Matt Uttley, King's College London, UK
 
"This outstanding book makes an original contribution to the economic analysis of the military sector. The author uses his extensive knowledge of the field to present a highly readable, non-technical and scholarly treatment of why money matters to the military. This is a classic text in applied economics."—Keith Hartley, University of York, UK
 
"This is an excellent and long needed book on the complex and important issues of military economics. It is comprehensive, accessible, well written and incisive, and will become an essential reference for professionals, politicians, activists, academics and students as well as the informed lay person. A real tour de force by an academic at the peak of his powers."—J Paul Dunne, Professor of Economics, The British University, Egypt and UWE, Bristol
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Product Details

  • ISBN-13: 9780230228535
  • Publisher: Palgrave Macmillan
  • Publication date: 12/15/2009
  • Edition description: Older Edition
  • Pages: 208
  • Product dimensions: 5.50 (w) x 8.60 (h) x 0.70 (d)

Meet the Author

RON SMITH is Professor of Applied Economics at Birkbeck, UK where he teaches econometrics and statistics. He has written extensively on applied econometrics and defence economics and is on the editorial boards of Defence and Peace Economics and the Jourbanal of Peace Research and is an Associate Fellow of the Royal United Services Institute.

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Table of Contents

1 Introduction 1

2 Power and money 19

3 Security : are we safe? 54

4 Military spending : how much is enough? 88

5 Force acquisition I, demand : the biggest bang for a buck? 118

6 Force acquisition II, supply : merchants of death? 138

7 Military capability : how to win? 149

8 Economic choices : swords or plowshares? 159

9 Understanding military economics 172

Acknowledgements 179

Abbreviations 180

References 182

Index 188

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