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Military Keynesianism: An Assessment

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  • J Paul Dunne

    ()
    (University of the West of England and University of Cape Town)

Abstract

The recent recession has seen something of resurgence in the debate over military Keynesianism. Recent commentators who should no better have claimed that it would make sense to stimulate the US economy through increases in military spending, as though this has not been a commonly contested view over the last 40 years. A large literature has debated the economic effects of military spending and while it has reached no consensus, there is also little support for any belief that military spending is a good way of stimulating the economy. This paper makes a contribution to the debate by assessing the theoretical perspectives and the empirical approaches used. It then undertakes an analysis of the US using a number of approaches and the results suggest that the simple Military Keynesian arguments still lack empirical support.

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File URL: http://carecon.org.uk/DPs/1106.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol in its series Working Papers with number 1106.

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Length: 13 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:uwe:wpaper:1106

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Postal: Frenchay Campus, Coldharbour Lane, Bristol BS16 1QY
Phone: 0117 328 3610
Web page: http://www1.uwe.ac.uk/bl/research/bristoleconomics.aspx
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Keywords: Military Spending; economic growth; VAR; CVAR;

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References

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  1. Jeffrey Smith & M. H. Tuttle, 2008. "Does Defense Spending Really Promote Aggregate Output In The United States?," Defence and Peace Economics, Taylor & Francis Journals, vol. 19(6), pages 435-447.
  2. JP Dunne & E Nikolaidou & R Smith, 2002. "Military Spending, Investment And Economic Growth In Small Industrialising Economies," South African Journal of Economics, Economic Society of South Africa, vol. 70(5), pages 789-790, 06.
  3. J Paul Dunne & Fanny Coulomb, 2008. "Peace, War and International Security: Economic Theories," Working Papers 0803, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  4. J Paul Dunne, Eftychia Nikolaidou, 2005. "Military Spending and Economic Growth in Greece, Portugal and Spain," Frontiers in Finance and Economics, SKEMA Business School, vol. 2(1), pages 1-17, June.
  5. Pesaran, M. H. & Smith, Ron P., 1998. "Structural Analysis of Cointegrating VARs," Cambridge Working Papers in Economics 9811, Faculty of Economics, University of Cambridge.
  6. Paul Dunne & Duncan Watson, 2000. "Military expenditure and employment in South Africa," Defence and Peace Economics, Taylor & Francis Journals, vol. 11(4), pages 587-596.
  7. Christos Kollias & Nikolaos Mylonidis & Suzanna-Maria Paleologou, 2007. "A Panel Data Analysis Of The Nexus Between Defence Spending And Growth In The European Union," Defence and Peace Economics, Taylor & Francis Journals, vol. 18(1), pages 75-85.
  8. H. Sonmez Atesoglu, 2004. "Defense spending and investment in the United States," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(1), pages 163-170, October.
  9. Peter Batchelor & J. Paul Dunne & David Saal, 2000. "Military spending and economic growth in South Africa," Defence and Peace Economics, Taylor & Francis Journals, vol. 11(4), pages 553-571.
  10. J. Paul Dunne & Ron Smith, 2010. "Military Expenditure And Granger Causality: A Critical Review," Defence and Peace Economics, Taylor & Francis Journals, vol. 21(5-6), pages 427-441.
  11. Smith, Ron & Dunne, Paul, 1994. "Is Military Spending a Burden? A 'Marxo-Marginalist': Response," Cambridge Journal of Economics, Oxford University Press, vol. 18(5), pages 515-21, October.
  12. Pivetti, Massimo, 1992. "Military Spending as a Burden on Growth: An 'Underconsumptionist' Critique," Cambridge Journal of Economics, Oxford University Press, vol. 16(4), pages 373-84, December.
  13. Jurgen Brauer, 2002. "Survey and Review of the Defense Economics Literature on Greece and Turkey: What Have We Learned?," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(2), pages 85-107.
  14. J Paul Dunne & Mehmet Uye, 2009. "Military Spending and Development," Working Papers 0902, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  15. J. Paul Dunne & Ron Smith & Dirk Willenbockel, 2005. "Models Of Military Expenditure And Growth: A Critical Review," Defence and Peace Economics, Taylor & Francis Journals, vol. 16(6), pages 449-461.
  16. Luca Pieroni & Giorgio D’Agostino & Marco Lorusso, 2008. "Can we declare military Keynesianism dead?," Quaderni del Dipartimento di Economia, Finanza e Statistica 44/2008, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  17. M. Hashem Pesaran & Ron P. Smith, 1998. "Structural Analysis of Cointegrating VARs," Journal of Economic Surveys, Wiley Blackwell, vol. 12(5), pages 471-505, December.
  18. Dunne, J. Paul, 1995. "The defense industrial base," Handbook of Defense Economics, in: Keith Hartley & Todd Sandler (ed.), Handbook of Defense Economics, edition 1, volume 1, chapter 14, pages 399-430 Elsevier.
  19. J Paul Dunne & Elisabeth Skons, 2011. "The Changing Military Industrial Complex," Working Papers 1104, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  20. Dunne, Paul, 1990. "The Political Economy of Military Expenditure: An Introduction," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 395-404, December.
  21. Luca Pieroni, 2009. "Military Expenditure And Economic Growth," Defence and Peace Economics, Taylor & Francis Journals, vol. 20(4), pages 327-339.
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