The Continuing Costs of the Permanent War Economy

37 Pages Posted: 30 Dec 2022

See all articles by Thomas K. Duncan

Thomas K. Duncan

Radford University - Department of Economics

Date Written: December 28, 2022

Abstract

The U.S. economy has been in a state of “permanent war” since at least World War II. The war economy arises from institutional changes that become embedded within the system with each of the 20th and 21st century conflicts. This chapter illustrates the continuing relevance of Robert Higgs in assessing how these institutional changes emerge and the true costs of the permanent war economy.

Keywords: defense, defense budget, defense sector, permanent war economy, ratchet effect

JEL Classification: H56, H60, P16

Suggested Citation

Duncan, Thomas, The Continuing Costs of the Permanent War Economy (December 28, 2022). Available at SSRN: https://ssrn.com/abstract=4314099 or http://dx.doi.org/10.2139/ssrn.4314099

Thomas Duncan (Contact Author)

Radford University - Department of Economics ( email )

P.O. Box 6952
Radford, VA 24142
United States

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