The study “Economic Impact of Military Spending in Germany” shows that, compared to public infrastructure investment, military spending has a limited macroeconomic multiplier effect. Whilst 1 euro of infrastructure investment generates up to 2 euros of additional economic output, the multiplier for military spending is less than 0.5. This should temper expectations of an economic boom driven by military Keynesianism. The study warns against the inefficient use of funds at the expense of climate investment and education.