What is the Difference Between Dove and Hawk?
🆚 Go to Comparative Table 🆚The terms "dove" and "hawk" refer to two different approaches or attitudes towards monetary policy and foreign policy. In the context of monetary policy, the differences between doves and hawks are as follows:
- Doves seek an expansionary monetary policy, which includes low interest rates to make borrowing money cheaper, thereby spurring consumer demand. They prioritize promoting economic growth, even if it means allowing inflation to rise. Doves typically predict lower future inflation and see more need for expansionary monetary policies.
- Hawks advocate for a contractionary monetary policy, keeping interest rates high to control inflation. They focus on controlling inflation, even if it means sacrificing economic growth. Hawks tend to project higher future inflation and see more risk from inflation, favoring tighter monetary policies.
In the realm of foreign policy, hawks are those who seek an aggressive policy based on strong military power and other means, while doves seek a less aggressive foreign policy with reduced military power. The terms "hawk" and "dove" can be applied differently depending on the point of view, and an individual can be a hawk in some cases and a dove in others.
Comparative Table: Dove vs Hawk
The hawk-dove model is an evolutionary game theoretical model developed by John Maynard Smith that describes the contest between two fundamentally different behavioral strategies, hawks (selfishness) and doves (prosociality), when competing over a shared resource. Hawks and doves can coexist in a population, with hawks outcompeting doves within groups and doves outcompeting hawks within groups. In the context of economic policy, a dove is an economic policy advisor who favors strategies that maintain low interest rates and other expansionary policies, while a hawk is someone who believes that higher interest rates will curb inflation.
Here is a table summarizing the differences between hawks and doves:
| Feature | Hawk | Dove |
|---|---|---|
| Behavioral Strategy | Selfishness | Prosociality |
| Economic Policy Preference | Contractionary (tight) monetary policy, higher interest rates | Expansionary (loose) monetary policy, lower interest rates |
| Inflation Concern | Seeks to curb inflation through higher interest rates | Seeks to maintain low interest rates and stimulate growth |
In general, hawks are more concerned about inflation and prefer tighter monetary policies, while doves are more focused on maintaining low interest rates and promoting economic growth.