Should Donald Trump Risk the U.S. Navy in a War Against China?

When should you hazard pricey, hard-to-replace capital ships in battle? That question has vexed wartime naval commanders as long as there have been navies to command. Nor is it hard to see why. Societies sink inordinate resources into ships of war. Cruisers, destroyers, and submarines are what economists term “lumpy capital,” costing taxpayers upwards—commonly well upwards—of $1 billion per copy. Aircraft carriers are the lumpiest of them all. Any sane commander would think twice before sending...