Gresham’s Law states that bad money drives out good money, but anyone who has spent time around Washington, D.C., knows that this law can safely be applied to information too — bad information tends to drive out good information. Such is the case with America’s assessments of other countries’ military and economic power. Defense spending is one of the most commonly used measures for gauging a country’s potential military power, setting expectations of what the military balance might look like in the future. It helps give us a sense of how much of a state’s economic power is being converted … Continue reading Why Russian Military Expenditure Is Much Higher Than Commonly Understood (As Is China’s)
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Why Russian Military Expenditure Is Much Higher Than Commonly Understood (As Is China’s)
Gresham’s Law states that bad money drives out good money, but anyone who has spent time around Washington, D.C., knows that this law can safely be applied to information too — bad information tends to drive out good information. Such is the case with America’s assessments of other countries’ military and economic power. Defense spending is one of the most commonly used measures for gauging a country’s potential military power, setting expectations of what the military balance might look like in the future. It helps give us a sense of how much of a state’s economic power is being converted … Continue reading Why Russian Military Expenditure Is Much Higher Than Commonly Understood (As Is China’s)