already protecting one of its markets from international competition, further protection of another market could be "second best." That is, although the ideal would be to eliminate all trade barriers, if for some reason this was not feasible, then adding a carefully chosen dose of protectionism could improve the nation's economic well-being. The two books took Meade a decade to complete, however, according to him they still did not cover the entire field of international economic policy since he had given less attention to the issue of international aspects of economic growth or dynamic imbalance. Despite his words, Meade shared the Nobel Prize in Economics along with Bertil Ohlin in 1977. In 1957 Meade moved from London to the chair of political economy in Cambridge, which he held until 1967, after which he resigned to become a senior research fellow of Christ's College, Cambridge. Meade left the fellowship at retirement age in 1974. During this time Meade started thinking about writing one or two volumes on the domestic aspects of economic theory and policy. He successfully wrote four volumes in this series namely The Stationary Economy, The Growing Economy, The Controlled Economy, and The Just Economy. Even after the four volumes Meade still believed that he had just made the beginning. He believed that the frontiers of knowledge when it comes to economics keep expanding at such a rate that it was almost impossible to establish a soundly based understanding of the entire subject and its ever-evolving parts. In 1974 Meade took time off to act as full-time chairman of a committee set up by the Institute for Fiscal Studies to examine the structure of direct taxation in the United Kingdom. The committee consisted of a number of first-rate economic theorists and of leading practitioners in tax law, accountancy, and administration. In 1976, he was awarded an Honorary Degree (Doctor of Science) by the University of Bath. Meade died on 22 December 1995 in Little Shelford, Cambridgeshire. Meade's model of economic growth The basic assumptions for J. E. Meade's model are as follows: (1) The economy in question is a closed economy with no relationship with the outside world. (2) There is no government activity involving taxation and expenditure. (3) Perfect competition exists in the market. (4) Constant returns to scale prevail in the economy. (5) There are only two commodities: a consumption good and a capital good. (6) There