Whereas I certainly would not want to contradict the Captain who introduced me and contend that economic potential is not an important piece of war potential, I think that economists generally—and, perhaps even more, non-economists—may have a tendency to exaggerate how much you can learn about military strength from a look at strictly economic factors.
Millikan, Max F.
"Economic Potential of Western Europe for War,"
Naval War College Review: Vol. 8
, Article 4.
Available at: https://digital-commons.usnwc.edu/nwc-review/vol8/iss10/4