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Long-Term Economic Growth Effect of Military Spending: an Analysis Based on Endogenous Growth Model

Author

Listed:
  • Chaoqing Yuan

    (Nanjing University of Aeronautics and Astronautics)

  • Hongxue Chen

    (Nanjing University of Aeronautics and Astronautics)

  • Xiuqin Wang

    (Jiangsu Fangyang Intelligent Technology Co. Ltd.)

  • Shichun Wang

    (Jiangsu Productivity Promotion Center)

Abstract

The relationship between military spending and economic growth has been a hot issue in defense economics for decades, but the empirical results have not been consistent. Considering the “learning by doing” effect of military spending and knowledge creation of R&D department, this paper takes the endogenous growth model as the framework, and, through the dynamic analysis of the growth rate of knowledge and capital, finds that the spillover effect of military spending will diverge the path of economic growth. The relationship between m and gY of the USA is further investigated, which shows the results of this model have a good explanatory power. On this basis, the enlightenment of the model results is analyzed.

Suggested Citation

  • Chaoqing Yuan & Hongxue Chen & Xiuqin Wang & Shichun Wang, 2023. "Long-Term Economic Growth Effect of Military Spending: an Analysis Based on Endogenous Growth Model," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 4413-4425, December.
    • Handle: RePEc:spr:jknowl:v:14:y:2023:i:4:d:10.1007_s13132-022-01049-z
    DOI: 10.1007/s13132-022-01049-z
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