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

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  • Pivetti, Massimo

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.

Suggested Citation

  • Pivetti, Massimo, 1992. "Military Spending as a Burden on Growth: An 'Underconsumptionist' Critique," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 16(4), pages 373-384, December.
    • Handle: RePEc:oup:cambje:v:16:y:1992:i:4:p:373-84
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    Cited by:

    1. J Paul Dunne, 2011. "Military Keynesianism: An Assessment," Working Papers 1106, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    2. Christos Kollias & Thanasis Maniatis, 2003. "Military expenditure and the profit rate in Greece," Defence and Peace Economics, Taylor & Francis Journals, vol. 14(2), pages 117-127.
    3. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.
    4. Eduardo Morales-Ramos, 2002. "Defence R&D expenditure: The crowding-out hypothesis," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(5), pages 365-383.
    5. Nicholas M. Trebat & Carlos Aguiar De Medeiros, 2014. "Military Modernization in Chinese Technical Progress and Industrial Innovation," Review of Political Economy, Taylor & Francis Journals, vol. 26(2), pages 303-324, April.
    6. Kollias, Christos & Paleologou, Suzanna-Maria, 2013. "Guns, highways and economic growth in the United States," Economic Modelling, Elsevier, vol. 30(C), pages 449-455.
    7. Matteo Deleidi & Mariana Mazzucato, 2019. "Mission-Oriented Innovation Policies: A Theoretical And Empirical Assessment For The Us Economy," Departmental Working Papers of Economics - University 'Roma Tre' 0248, Department of Economics - University Roma Tre.
    8. Kimbambu Tsasa Vangu, Jean - Paul, 2012. "Analyse de la Relation Guerres Civiles et Croissance Économique [Civil Wars and Economic Growth in DRC]," MPRA Paper 42424, University Library of Munich, Germany, revised 05 Feb 2012.
    9. Deleidi, Matteo & Mazzucato, Mariana, 2021. "Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy," Research Policy, Elsevier, vol. 50(2).
    10. Adem Yavuz Elveren & Sara Hsu, 2018. "The Effect of Military Expenditure on Profit Rates: Evidence from Major Countries," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 4(2), pages 75-94, December.
    11. Di Bucchianico, Stefano, 2020. "Discussing Secular Stagnation: A case for freeing good ideas from theoretical constraints?," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 288-297.
    12. Thomas Bernauer & Vally Koubi & Fabio Ernst, 2009. "National and Regional Economic Consequences of Swiss Defense Spending," Journal of Peace Research, Peace Research Institute Oslo, vol. 46(4), pages 467-484, July.
    13. Kollias Christos & Paleologou Suzanna-Maria & Tzeremes Panayiotis, 2020. "Defence Spending and Unemployment in the USA: Disaggregated Analysis by Gender and Age Groups," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 26(2), pages 1-13, May.

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