We apply Robert Higgs’ ratchet effect model to explain the adoption, accumulation, and drawdown of nuclear weapons arsenals in the United States. We analyze how the two separate, but intertwined, crises of World War II and the Cold War led to the development and proliferation of nuclear weapons and the subsequent diminution of nuclear stockpiles. We explore the nonuse of nuclear weapons following WWII, highlighting the importance of ideology as a constraint on government.
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Christopher J. Coyne is a Senior Fellow at the Independent Institute, Professor of Economics at George Mason University, and Co-Editor of The Independent Review.
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Abigail R. Hall is a Senior Fellow at the Independent Institute, and an Associate Professor of Economics at the University of Tampa.
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