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The Cost of War

In: War in Economic Theories over Time

Author

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  • Renata Allio

    (University of Turin)

Abstract

The cost analysis of conflicts has been made at various moments in time, but with greater intensity after the First World War. Then some economistsEconomist and many economic historians tried to estimate the materials costs of fighting and destruction. They defined the special characteristics of a state-run economy as had been tried out during the war and sought to evaluate its application in times of peace. The accounting could involve the real costs of the conflicts (as Einaudi, Stiglitz and many others did), which are nevertheless difficult to quantify, or the opportunity costs, that is the costs of the war measured in terms of the utility that could have been obtained if the money spent on armamentsArmament(s) had been used in works of peace (S. MelmanMelman, Seymour , B. M. Russett). Starting with SmithSmith, Adam and going on to Keynes, Einaudi, Pigou and many others, at various times the question was asked as to what was the best way to pay for the war: taxation, indebtedness, printing banknotes. Some economists even checked who, in the end, bore the costs of wars in reality.

Suggested Citation

  • Renata Allio, 2020. "The Cost of War," Palgrave Studies in the History of Economic Thought, in: War in Economic Theories over Time, chapter 0, pages 101-131, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-39617-6_5
    DOI: 10.1007/978-3-030-39617-6_5
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