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What is Economic Development

Chapter 9

Handbook of Research on Military Expenditure on Economic and Political Resources

An increase in the amount of goods and services produced per head of the population over a period of time to keep all the people in minimum inequitable position.

Published in Chapter:

Public Expenditure on Defense and Economic Development: A Comparative Study on India and China

Partha Mukhopadhyay (National Institute of Technology Durgapur, India), Madhabendra Sinha (National Institute of Technology Durgapur, India), and Partha Pratim Sengupta (National Institute of Technology Durgapur, India)

Source Title: Handbook of Research on Military Expenditure on Economic and Political Resources

DOI: 10.4018/978-1-5225-4778-5.ch009

Abstract

There is a direct relationship between public expenditure on defense and economic development such as technological up gradation, increase in steel, and allied production, etc. To identify the impact of public expenditure on defense along with economic growth in India and China, this study investigates the long-run equilibrium relationship between them. This chapter uses Stockholm International Peace Research Institute (SIPRI) data and Johansen co-integration test approach to examine the relationship between public expenditure on defense and economic development in India and China on a comparative basis over the period of from 1989 to 2016. The findings imply a significant relationship between public expenditure on defense and economic development in India but no long run cointegrating relation was found in case of China.