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Stephen Brooks
@sjb@mstdn.ioEurope spending a bit more on defence could go a long way given their population and GDP are larger than Russia:
https://fredblog.stlouisfed.org/2022/03/comparing-russia-and-the-european-union-gdp-and-population/
fredblog.stlouisfed.orgComparing Russia and the European Union: GDP and population | FRED Blog
@sjb
- more wealthy population means you lose more value by having them fight a war instead of doing some other work
- allocating larger parts of the economy towards military production doesn't produce instant results - it takes years to set up production lines
I think Europe will be quite powerful 5 years from now.