Military Spending as a Burden on Growth: An 'Underconsumptionist' Critique

Massimo Pivetti

Cambridge Journal of Economics, 1992, vol. 16, issue 4, 373-84

Abstract: By considering the role of U.S. military expenditure in the growth experience of the advanced capitalist countries in the forty years following World War II, this article shows that military expenditure played a crucial role in maintaining low levels of unemployment. On these grounds, the article criticizes views of military spending as a burden on growth, arguing that such views ignore the problem of effective dema nd and basically rest on the pre-Keynesian notion that investment norma lly fills the gap left by consumption as the level of output correspondi ng to "natural" unemployment expands. Copyright 1992 by Oxford University Press.

Date: 1992
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