We provide quantitative evidence on the relationship between military spending and innovation in the 19th century …. Combining innovation data from world fairs and historical military data across Europe, we show that national military spending …

We provide quantitative evidence on the relationship between military spending and innovation in the 19th century …. Combining innovation data from world fairs and historical military data across Europe, we show that national military spending …

This study adopts ARDL and VAR estimation methods to examine whether military spending crowd-out or crowd-in private … military spending only crowds-out private investment in the short run. In the long run, military spending crowds in private … military spending. Our findings have policy implications. While it is advisable to spend more on the military to curtail the …