Has Asia grown at the expense of America? No, argues this economist. It may be more protectionist than the United States is, but free trade has helped us all. In response to occasional articles in Challenge , he makes a case for free trade.

The authors use an accelerator model to assess the determinants of private investment and to analyze how adjustment policies affect those determinants. Their model emphasizes the effect of resource constraints on private investment behavior, including that arising from foreign exchange...