Unique Transaction Costs in Defense Market(s): The Explanatory Power of New Institutional Economics

Abstract

Concerns about the U.S. Military-Industrial complex have seemed a permanent fixture in the Department of Defense (DoD). Initial studies outlined the uniqueness of the market, but continued utilization of the classic economic approach continues with little explanatory power. This paper offers an alternative approach using transaction-costs analysis and the explanatory power of the New Institutional Economic and Public Choice School. The approach provides explanatory power in the defense markets' mix of the invisible and visible hands at work and provides a framework for assessing viable policy alternatives that could provide increased efficiency while maintaining our principles of freedom.

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Document Details

Document Type
Technical Report
Publication Date
May 01, 2005
Accession Number
ADA498941

Entities

People

  • John D. Driessnack

Tags

Communities of Interest

  • Energy and Power Technologies
  • Materials and Manufacturing Processes
  • Weapons Technologies

DTIC Thesaurus Topics

  • Business Administration
  • Commerce
  • Defense Industry
  • Department Of Defense
  • Economic Analysis
  • Economic Models
  • Economics
  • Governments
  • Investments
  • Logistics
  • Management Personnel
  • Market Economy
  • Military Acquisition
  • Organizational Structure
  • Political Systems
  • Program Management
  • Public Policy

Fields of Study

  • Economics

Readers

  • Economics