As such, comparative advantage is an important concept in global trade, and it's the reason many countries concentrate on trying to produce certain goods or services more efficiently than other countries.
In March 2013, the total cost of the Iraq War to date was estimated at $1.7 trillion by the Watson Institute of International Studies at Brown University. Some argue that the total cost of the war to the U.S. economy will range from $3 trillion to $6 trillion, including interest rates, by 2053, as described in the Watson Institute's report.
World Military Spending. Global military expenditure stands at over $1.7 trillion in annual expenditure at current prices for 2012. It fell by around half a percent compared to 2011 â the first fall since 1998.