Saturday, June 14, 2014

Do Wars Help the Economic Prospects of Engineers?

From Tyler Cowen in the New York Times The Upshot column - - The Lack of Major Wars May Be Hurting Economic Growth (I would highly recommend the Upshot column):

"Counterintuitive though it may sound, the greater peacefulness of the world may make the attainment of higher rates of economic growth less urgent and thus less likely. This view does not claim that fighting wars improves economies, as of course the actual conflict brings death and destruction. The claim is also distinct from the Keynesian argument that preparing for war lifts government spending and puts people to work. Rather, the very possibility of war focuses the attention of governments on getting some basic decisions right — whether investing in science or simply liberalizing the economy. Such focus ends up improving a nation’s longer-run prospects."

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