Blood and TreasureBlood and Treasure is the story of the economics of conflict from the Viking Age to the war in Ukraine. Wars are expensive, both in human terms and monetary ones. Since at least the 1640s, in the aftermath of the British Civil Wars, the phrase 'blood and treasure' has sought to encapsulate these costs. Two economic notions, in particular, feature in this book: incentives and institutions. A rational look at incentives explains even the most seemingly