Discussion
Who amongst the following regarded defence expenditure is truly as 'Public Good' ?
Answer: C
The answer is Adam Smith.
In Book V of The Wealth of Nations (1776), Smith names defence as the first duty of the sovereign: protecting society from the violence of other societies, which only the state can provide for all. Because the benefit of defence goes to the whole society and no one can be excluded from it, defence economists treat Smith's account as the classic statement of defence as a public good.
Adolf Wagner is known for the law of rising public expenditure, K. Subrahmanyam was an Indian strategic analyst, and Maurice Dobb was a Marxist economist; none of them is the source of this view.
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