Resist the Binge.

The article offers an insight into the paper "Workers and the World Economy," by Ethan B. Kapstein, which appeared in the May 1996 issue. One contention is that expansion driven by fiscal stimulus is not needed since domestic monetary policies are adequate for the task. Another is that demand-side expansion can do little to solve the structural supply-side problems about which Kapstein is concerned. Kapstein dismisses studies which claim that trade induces technological change.