US Military Expenditures and Economic Growth: Some Evidence from Spectral Methods

Michael P. Gerace

65 citations0/0 files storedDefence and Peace Economics

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Defense, Military, and Policy Studies Economic Growth and Productivity Fiscal Policy and Economic Growth

Abstract

There is not much consensus on what the relationship is between military expenditures and economic growth. One argument is that military expenditures have a positive impact on growth because they are used as a fiscal policy too. The other hypothesis is that military expenditures have a negative impact on growth. Neither argument is consistent with the results reported here. This paper conducts a spectral analysis on the growth rates of real military and non-military US government expenditures and GDP from 1951-1997. The results suggest that, while non-military spending does move counter-cyclically with real GDP growth rates, military spending does not.

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References

1960The Economics of Defense in the Nuclear Age 1983Military Expenditure and Growth in Less Developed Countries 1977Military expenditure and capitalism 1990Defense Expenditures, Economic Growth, and the “Peace Dividend”1991A Causal Analysis of Defense Spending and Economic Growth 1983Another Look at Growth and Defense in Less Developed Countries 1977The impact of defense spending on economic performance: a survey of evidence and problems 1979The Political Economy of US Military Spending

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