Notes on the Economics of War and Empire

By James K. Galbraith

Although empire and war have been neglected topics in modern economics, they seem on examination to provide rich fields for study, with new scholarly potential. War and empire economics deal with many of themes in economics: gains from trade, growth theory, macroeconomic equilibrium, costs and benefits analysis, benefits and risks analysis, and game theory when gains and losses are asymmetrical. This can lead to an equally challenging analysis of the opposite set of issues, leading to building a stable system that yields may income convergence and durable peace.


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