Delegates from 17 nations are meeting in Geneva this week to find a formula that would end the arms race, but their prospects for success are dim. Nevertheless, a hopeful handful of economists are already exploring ways to ease the impact of disarmament on economies long geared to high levels of military spending (about half the national budget in the U.S. and the Soviet Union). A report submitted last month to the U.S. Arms Control and Disarmament Agency by a panel of specialists concluded that while certain industries (e.g., aerospace, shipbuilding, communications) would be hard hit, the total national...
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