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The Role of War in Modern Inflation

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  • Hamilton, Earl J.

Abstract

Wars in early modern times, although frequent, generated little price inflation because of their limited demands on real resources. The invention of paper currency and the resort to deficit financing to pay for wars changed that situation. In recent centuries wars have been the principal causes of inflation, although since World War II programs of social welfare unmatched by offsetting taxation have also fueled inflationary flames.

Suggested Citation

  • Hamilton, Earl J., 1977. "The Role of War in Modern Inflation," The Journal of Economic History, Cambridge University Press, vol. 37(1), pages 13-19, March.
    • Handle: RePEc:cup:jechis:v:37:y:1977:i:01:p:13-19_09
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    Cited by:

    1. Harvey Starr & Francis W. Hoole & Jeffrey A. Hart & John R. Freeman, 1984. "The Relationship between Defense Spending and Inflation," Journal of Conflict Resolution, Peace Science Society (International), vol. 28(1), pages 103-122, March.
    2. Caplan, B., 2002. "How does war shock the economy?," Journal of International Money and Finance, Elsevier, vol. 21(2), pages 145-162, April.
    3. Ulrich Eydam & Florian Leupold, 2023. "What is it good for? On the Inflationary Effects of Military Conflicts," CEPA Discussion Papers 65, Center for Economic Policy Analysis.
    4. William R. Thompson & L. Gary Zuk, 1982. "War, Inflation, and the Kondratieff Long Wave," Journal of Conflict Resolution, Peace Science Society (International), vol. 26(4), pages 621-644, December.
    5. Thomas L. Hogan & Daniel J. Smith, 2022. "War, money & economy: Inflation and production in the Fed and pre-Fed periods," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(1), pages 15-37, March.
    6. Joshua S. Goldstein, 1987. "Long Waves in War, Production, Prices, and Wages," Journal of Conflict Resolution, Peace Science Society (International), vol. 31(4), pages 573-600, December.

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