The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

War and Economics

  • Craufurd D. Goodwin
Reference work entry


War has always intrigued economic thinkers: how economic interdependence affects the likelihood of conflict, the costs and benefits of aggression, how to fight a successful war and achieve a stable peace. Many prominent early economists had useful things to say, for example Smith, J.B. Clark, Pigou, Veblen and J.M. Keynes. Economists came into their element in the Second World War and the Cold War; welcomed into government, they distinguished themselves as macroeconomists, microeconomists, broad-based advisers, public administrators, and public figures. By the 1990s economists concerned with war and peace had established their own subdiscipline, with journals, textbooks and college courses.


Angell, N. Autarky Baran, P. A. Cassel, G. Clark, J. B. Clark, J. M. Classical economics Colm, G. Colonialism Council of Economic Advisers (USA) Currie, L. Defence economics Deterrence Enlightenment Galbraith, J. K. Game theory Heterodox economics Hobson, J. A. Keynes, J. M. Kindleberger, C. Lloyd, H. Malthus, T. R. Marginal revolution Mill, J. S. Operations research Parsons, T. Pigou, A. C. Rostow, W. W. Rule of law Schelling, T. Smith, A. Sweezy, P. M. Veblen, T. War and economics 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Craufurd D. Goodwin
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