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The economics of defense or defense economics is a subfield of economics, an application of the economic theory to the issues of military defense. [1] It is a relatively new field. An early specialized work in the field is the RAND Corporation report The Economics of Defense in the Nuclear Age by Charles J. Hitch and Roland McKean ( [2] 1960 ...
Military branch. A United States Armed Forces Joint-Service Color Guard. This color guard consists of personnel from 5 of the 6 military branches of the United States Armed Forces ( Army, Marines, Air Force, Navy, and Coast Guard ). Military branch (also service branch or armed service) is according to common standard a subdivision of the ...
A military, also known collectively as an armed forces, are a heavily armed, highly organized force primarily intended for warfare. Militaries are typically authorized and maintained by a sovereign state, with their members identifiable by a distinct military uniform. They may consist of one or more military branches such as an army, navy, air ...
War finance is a branch of defense economics. The power of a military depends on its economic base and without this financial support, soldiers will not be paid, weapons and equipment cannot be manufactured and food cannot be bought. Hence, victory in war involves not only success on the battlefield but also the economic power and economic ...
Military organization ( AE) or military organisation ( BE) is the structuring of the armed forces of a state so as to offer such military capability as a national defense policy may require. Formal military organization tends to use hierarchical forms (see Modern hierarchy for terminology and approximate troop strength per hierarchical unit).
The effects of military expenditure on a nation's economy and society, and what determines military expenditure, are notable issues in political science and economics. Generally, some suggest military expenditure is a boost to local economies. Still, others maintain military expenditure is a drag on development.
Conflict economics is a branch of economics that puts the allocation of resources by means of violent fighting, i.e. conflict, into economic models . In traditional economics, appropriation is a non-violent process that is guaranteed by perfect property rights and their costless enforcement. [1] Conflict economics sheds a different light on ...
Business portal. v. t. e. Production and national income: Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, firms, households and governments, and the different types of markets, such as the financial market and the labour market. Macroeconomics is a branch of economics ...