| Autor: |
Hanson, Robert, Jeon, Joo Young |
| Předmět: |
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| Zdroj: |
Peace Economics, Peace Science, & Public Policy; May2024, Vol. 30 Issue 2, p207-248, 42p |
| Abstrakt: |
The relationship between government defence expenditure and economic growth is a debated topic. This study uses UK data for the period of 1960–2012 and applies two of the most prevailing theories used within the literature, the 'Feder-Ram' and the 'augmented Solow' models, to assess this question. We utilise traditional model specifications, alongside extensively altered versions of both models, enabling a comprehensive comparison between them. The alterations to the models include re-evaluating how core variables are expressed, inclusion of measures of conflict, the impact of recession, etc. The results show that the augmented Solow model outperforms the Feder-Ram model, and we provide some explanations for this result. In addition, our results suggest that military expenditure has a positive effect on economic growth within the UK, implying that the decision to reduce defence spending may have been detrimental to the UK economy. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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