The demand for military expenditure

Ron Smith

Chapter 04 in Handbook of Defense Economics, 1995, vol. 1, pp 69-87 from Elsevier

Abstract: This chapter provides an analytical survey of models explaining the level of military expenditure, emphasizing empirical econometric models based on optimizing behavior. After setting out the standard neo-classical model in which nation states are represented as rational agents maximizing a welfare function depending on security and economic variables subject to a budget constraint, the chapter considers: criticisms of this model, alternative theoretical specifications, data and measurement issues, alternative econometric approaches and reviews selected studies.

Date: 1995
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