Economist Podcasts Call of duties: the global costs of war
4 snips
Jun 14, 2023 
Piotr Zalepski, Turkey correspondent for The Economist, sheds light on Turkey's recent economic policy shifts under President Erdogan, especially with the appointments of Mehmet Simsek and Hafizeh Gaya Erkan. He discusses the challenges in reining in inflation and the potential for orthodox monetary policies to restore investor confidence. The conversation also touches on the broader economic costs of renewed military spending globally due to the Ukraine conflict, alongside a fascinating look at the resurgence of humpback whales and their conservation plight.
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Defense Inflation Risk
- Increased defense spending raises concerns about spiraling costs and potential "defense inflation."
- Monopolistic defense companies may easily raise prices due to advanced technology and high demand.
Defense Efficiency
- Defense inflation is not a major risk, as spending increases remain small relative to global GDP.
- Modern defense is more efficient, requiring fewer personnel and utilizing advanced technology.
Defense and Economic Growth
- The relationship between defense sector size and economic performance is complex and debated.
- Analysis suggests no direct correlation; increased spending may spur innovation but also consume resources.