07 June 2016
By Kim Beazley, Peter Jennings, Graeme Dobell, Andrew Davies, Malcolm Davis, Rod Lyon, Mark Thomson, Jacinta Carroll, Anthony Bergin, Lisa Sharland, Paul Barnes, James Mugg, David Lang, Tobias Feakin and Edited by Malcolm Davis
Defence economics seeks to inform better defence policy through improved resource allocation.
A nation’s defence entails the allocation of scarce resources.
At the macro level, a nation has to decide how much money and how many people to devote to its defence.
Within an armed force, decisions have to be made about the allocation of resources to specific military capabilities.
At the micro level, decisions have to be made about the best mix of personnel, equipment and external support to most cost-effectively produce the sought military capability.