Should Education and Military Expenditures be Combined for Government Economic Policy?

Anna Balestra and Raul Caruso ()

No 1017, Working Papers from European Centre of Peace Science, Integration and Cooperation (CESPIC), Catholic University 'Our Lady of Good Counsel'

Abstract: This paper examines the impact of EDUMILEX, namely the ratio between investment in education and military expenditure on economic performance, i.e. GDP per capita and labor productivity, using a panel data estimation for 60 countries over the period 2000-2018. The findings highlight a non-linear relationship. In particular, results suggest that a cubic relationship exists between EDUMILEX and economic performance. The value of EDUMILEX computed at the critical value can be considered the target variable for economic policy. Heterogeneity between developed and non-developed has been also investigated. Findings confirm that the effect of EDUMILEX is heterogeneous. Lower values of EDUMILEX are required to increase of economic performance in developed countries compared to non-developed ones.

Keywords: Peace; Education; Military Expenditures; Economic Growth; Development (search for similar items in EconPapers)
JEL-codes: H52 H56 O47 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2022-01
New Economics Papers: this item is included in nep-cwa and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: Should education and military expenditures be combined for government economic policy? (2022)
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