Cover: The Economic Analysis of Defense

The Economic Analysis of Defense

Choice Without Markets

Published 1958

by Fred Hoffman

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The application of some of the more general concepts and propositions of economic theory to military decisionmaking, with particular attention given to the allocation of scarce resources for research among competing uses. Research on defense problems must be carefully defined by the construction of a preference ordering, a knowledge-getting process to discover more about alternatives. In turn, this knowledge suggests new objectives and instrumentalities to make a preference ordering possible in the face of inherent uncertainties. Objectives of this research must be appropriately modest by measuring our desire for ever better decisions against the limited resources available to improve these decisions.

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