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Economics Explained
The Game Theory Of Military Spending
Sep 8, 2023
The podcast explores the intersection of economics and military spending, using game theory to analyze its necessity. It discusses the positive economic contributions of military spending, such as technology development and government stimulus programs, while also highlighting the destructive consequences of conflicts. The application of game theory to global military spending, including the prisoner's dilemma and alliances, is explored. Additionally, the podcast delves into how military spending affects global geopolitics and highlights disparities in purchasing power between countries.
13:34
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Quick takeaways
- Military spending stimulates the economy by providing salaries, training, and technological development that benefit civilian life.
- Game theory explains the balance between minimal military spending and self-defense in the face of threats.
Deep dives
Global military spending surpasses trillions of dollars
In 2022, global military spending reached over 2.2 trillion US dollars, exceeding the economic output of all but the largest seven countries worldwide. Recent increases in spending can be attributed to factors such as the Ukraine invasion, tensions in the South China Sea, and uncertainty surrounding military alliances. This substantial allocation of resources towards destruction contrasts with studies suggesting that world hunger could be eradicated with just $330 billion US dollars over the next decade.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode