American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 65, issue 11, 1975

Direct Measurement of Popular Price Expectations pp. 169-80

George Menil and Surjit Bhalla

Volume 65, issue 5, 1975

The 1975 Report of the President's Council of Economic Advisors: A Radical Critique pp. 791-811

James Crotty and Leonard A Rapping

Securities Market Efficiency in an Arrow-Debreu Economy pp. 812-24

Mark Rubinstein

The Consumption Function in a Developing Economy and the Italian Experience pp. 825-42

Franco Modigliani and E Tarantelli

Interest Rates, Inflation, and Consumer Expenditures pp. 843-58

Warren Weber

Exchange Rates and Fiscal Policy in a Popular Model of International Trade pp. 859-71

Rüdiger Dornbusch

Equities, Capital Gains, and the Role of Finance in Accumulation pp. 872-86

Basil Moore

Constraints on Government Investment Opportunities and the Choice of Discount Rate pp. 887-99

David Bradford

The Demand for Risky Assets pp. 900-922

Irwin Friend and Marshall E Blume

An Intergenerational Model of Population Growth pp. 923-33

Assaf Razin and Uri Ben-Zion

Search in the Labor Market and the Duration of Unemployment: Some Empirical Evidence pp. 934-42

John Barron

Private Preference for Collective Goods Revealed Through Voting on Referenda pp. 943-55

Robert Deacon and Perry Shapiro

Technical Change and the Reproducibility of Capital pp. 956-65

Charles R Hulten

Cross-Subsidization: Pricing in Public Enterprises pp. 966-77

Gerald R Faulhaber

Revealed Preference for Public Goods pp. 978-91

Hajime Hori

Market Equilibrium Versus Optimum in a Model with Congestion: Note pp. 992-96

Oded Hochman

Externalities, Extortion, and Efficiency pp. 997-1001

George Daly and J. Giertz

A Model of IQ, Occupaton, and Earnings pp. 1002-07

William W Brown and Morgan O Reynolds

On Monopoly Welfare Losses: Comment pp. 1008-14

Richard Carson

On Monopoly Welfare Losses: Comment pp. 1015-23

Worcester, Dean A,

On Monopoly Welfare Losses: Reply pp. 1024-31

Abram Bergson

The Economics of the Network-Affiliate Relationship: Comment pp. 1032-36

Daniel A Graham and John M Vernon

The Economics of the Network-Affiliate Relationship: Reply pp. 1037-38

Stanley Besen and Ronald Soligo

Volume 65, issue 4, 1975

The 1975 Report of the President's Council of Economic Advisers: Food and Agriculture pp. 533-38

Harold O Carter

The 1975 Report of the President's Council of Economic Advisers: Long on Analysis, Short on Policy pp. 539-47

William Poole

Interest and Credit in General Equilibrium with Transactions Costs pp. 548-66

Jurg Niehans

Socially Optimal Product Differentiation pp. 567-85

Kelvin Lancaster

Security Price Changes and Transaction Volumes: Theory and Evidence pp. 586-97

Thomas W Epps

The Measurement and Trend of Inequality: A Basic Revision pp. 598-609

Morton Paglin

A Keynes-Friedman Money Demand Function pp. 610-23

Paul A Meyer and John A Neri

Short-Run Asset Effects on Household Saving and Consumption: The Cross-Section Evidence pp. 624-33

Irwin Friend and Charles Lieberman

Pure Traded Intermediate Products and The Heckscher-Ohlin Theorem pp. 634-43

Albert G Schweinberger

Did the 1968 Surcharge Really Work? pp. 644-59

William L Springer

Linear Taxation of Wealth and Wages for Intragenerational Lifetime Justice: Some Steady-State Cases pp. 660-73

J A Ordover and Edmund Phelps

Portfolio Equilibrium and the Balance of Payments: A Monetary Approach pp. 674-88

Jacob A Frenkel and Carlos Rodríguez

Profit Maximization and Alternative Theories: A Dynamic Reconciliation pp. 689-94

Robert E Wong

The Limits to Growth in a Neoclassical World pp. 695-99

Martin J Beckmann

Capital Gains and the Aggregate Consumption Function: Comment pp. 700-703

Michael B McElroy and J C Poindexter

Capital Gains and the Aggregate Consumption Function: Reply pp. 704-707

Kul Bhatia

The Concept and Measure of Consumer's Surplus: Comment pp. 708-709

Ezra J Mishan

The Concept and Measure of Consumer's Surplus: Reply pp. 710-11

Michael E Burns

Public Investment Criteria for Underpriced Public Products pp. 712-20

Gene E Mumy and Steve H Hanke

Externalities, Liability, Separability, and Resource Allocation: Comment pp. 721-23

Philip Coelho

Externalities, Liability, Separability, and Resource Allocation: Comment pp. 724-27

Gifford, Adam, and Courtenay C Stone

Externalities, Liability, Separability, and Resource Allocation: Comment pp. 728-29

Peter Greenwood, Charles Ingene and James Horsfield

Externalities, Liability, Separability, and Resource Allocation: Reply pp. 730-32

James R Merchand and Keith P Russell

Option Demand and Consumer's Surplus: Comment pp. 733-36

Peter Bohm

Option Demand and Consumer's Surplus: Reply pp. 737-39

Richard Schmalensee

The Optimum Lifetime Distribution of Consumption Expenditures: Comment pp. 740-52

Andre Daniere

The Optimum Lifetime Distribution of Consumption Expenditures: Reply pp. 753-55

Lester Thurow

A Model of a Highway System Financed by a Trust Fund pp. 756-58

E G Davis and J E Olson

Optimal Advertising: A Note pp. 759-61

David Weber

On the Effects of Fiscal and Monetary Policy: Completing the Taxonomy pp. 762-67

Laurence H Meyer and William R Hart

Default Risk, Scale, and the Homemade Leverage Theorem: Note pp. 768-73

Pao Lun Cheng

Volume 65, issue 3, 1975

Environmental Quality: The First Five Years pp. 259-68

Edwin S Mills and Frederick M Peterson

Short-Term Interest Rates as Predictors of Inflation pp. 269-82

Eugene Fama

The Theory of "Screening," Education, and the Distribution of Income pp. 283-300

Joseph Stiglitz

Substitution Effects and Biases in Nontrue Price Indices pp. 301-13

P J Lloyd

A Labor Theoretic Analysis of the Criminal Choice pp. 314-25

M K Block and J M Heineke

Monopoly Pricing and Capacity Choice under Uncertainty pp. 326-37

Robert A Meyer

Dynamic Monopsony and Structural Change pp. 338-49

Martin Neil Baily

Academic Achievement and Job Performance pp. 350-66

David Wise

Transcendental Logarithmic Utility Functions pp. 367-83

Laurits R Christensen, Dale Jorgenson and Lawrence J Lau

Empirical Implications of Infrequent Purchase Behavior in a Stock Adjustment Model pp. 384-96

Richard B Westin

The Deterrent Effect of Capital Punishment: A Question of Life and Death pp. 397-417

Isaac Ehrlich

China as a Less Developed Economy pp. 418-28

Lloyd G Reynolds

A Model of Public Fiscal Behavior in Developing Countries: Aid, Investment, and Taxation pp. 429-45

Peter S Heller

Demand for International Reserves and the Optimum Mix and Speed of Adjustment Policies pp. 446-53

Emil-Maria Claassen

The Hereditary and Relativistic Formulation of the Demand for Money: Circular Reasoning or a Real Structural Relation? pp. 454-64

Maurice Allais

Professor Allais' Theory of the Demand for Money: Rejoinder pp. 465-66

John L Scadding

Required Disclosure and the Stock Market: Comment pp. 467-72

Irwin Friend and Randolph Westerfield

Required Disclosure and the Stock Market: Rejoinder pp. 473-77

George J Benston

The Simple Economics of Incentive Contracting: Note pp. 478-83

Michael E Canes

The Principal Cause of Salary Differentials: Research Output or Experience?: Comment pp. 484-85

William Hamovitch and Richard Morgenstern

The Principal Cause of Salary Differentials: Research Output or Experience? Reply pp. 486

David A Katz

Segmentation of the Labor Market: Comment pp. 487-90

John Barron

Segmentation of the Labor Market: Rejoinder pp. 491

Charles C Holt

The Elasticity of Scale and the Shape of Average Costs pp. 492-97

Giora Hanoch

The Welfare Effects of Spatial Price Discrimination pp. 498-503

William L Holahan

Wage Determination, Inflation, and the Industrial Structure: Comment pp. 504-06

William A Bomberger

Wage Determination, Inflation, and the Industrial Structure: Reply pp. 507-09

Stephen Ross and Michael L Wachter

Pitfalls in Financial Model Building: A Clarification pp. 510-16

Gary Smith

Buyer's Prices, Seller's Prices, and Price Flexibility: Comment pp. 517-25

Douglas R Bohi and Gerald W Scully

Buyer's Prices, Seller's Prices, and Price Flexibility: Reply pp. 526

Geroge J Stigler

Volume 65, issue 2, 1975

Income Distribution-Can Economists Help? pp. 1-15

Alice Rivlin

The Challenge of Dual and Radical Theories of the Labor Market to Orthodox Theory pp. 16-22

Glen Cain

Economic Analysis of Trade Unionism pp. 23-28

George Johnson

Economics of Time and Labor Supply pp. 29-34

H G Lewis

The Economics of Labor: An Assessment of Recent Research: Discussion pp. 35-36

Paula E Stephan

Three Phases of Cliometric Research on Slavery and Its Aftermath pp. 37-46

Robert Fogel

Public Policy and Black Economic Progress: A Review of the Evidence pp. 47-52

Bernard E Anderson and Phyllis A Wallace

Factors Affecting the Future Economic Prospects of Minorities pp. 53-58

David H Swinton

Past Developments and Future Prospects for Ethnic Minority Groups: Discussion pp. 59-60

Ronald L Trosper

Past Developments and Future Prospects for Ethnic Minority Groups: Discussion pp. 60-62

Daniel R Fusfeld

Human Capital Theory: Education, Discrimination, and Life Cycles pp. 63-73

Finis Welch

The Problem with Human Capital Theory-A Marxian Critique pp. 74-82

Samuel Bowles and Herbert Gintis

Job Search and Affirmative Action pp. 83-91

Alice H Amsden and Collette Moser

Women Economists: Career Aspirations, Education, and Training pp. 92-99

Myra H Strober

Two Supply Curves for Economists? Implications of Mobility and Career Attachment of Women pp. 100-107

Barbara B Reagan

Inflation and the International Monetary Situation pp. 108-14

H Johannes Witteveen

Monetarist and Keynesian Models of the Transmission of Inflation pp. 115-19

William Branson

Understanding World Inflation pp. 120-24

George Perry

Monetary Growth and the Long-Run Rate of Inflation pp. 125-28

Richard T Selden

Interpreting Recent World Inflation pp. 129-32

Ronald L Teigen

The Payments Adjustment Process and the Exchange Rate Regime: What Have We Learned? pp. 133-46

Marina v N Whitman

Domestic Adjustment to Balance of Payments Disequilibrium: Discussion pp. 147-48

Rüdiger Dornbusch

Domestic Adjustment to Balance of Payments Disequilibrium: Discussion pp. 148-51

William J Fellner

Domestic Adjustment to Balance of Payments Disequilibrium: Discussion pp. 151-53

Alexandre Kafka

Domestic Adjustment to Balance of Payments Disequilibrium: Discussion pp. 153-56

Paul Volcker

Recent Developments in Monetary Theory pp. 157-66

Stanley Fischer

Empirical Monetary Macroeconomics: What Have We Learned in the Last 25 Years? pp. 167-75

William C Brainard and Richard N Cooper

25 Years after the Rediscovery of Money: What Have We Learned? Discussion pp. 176-79

Milton Friedman

25 Years after the Rediscovery of Money: What Have We Learned? Discussion pp. 179-81

Franco Modigliani

The Coordination of Economic Activities: A Keynesian Perspective pp. 182-88

Robert Clower and Axel Leijonhufvud

The Keynesian Revolution Reconsidered pp. 189-94

Robert Eisner

Keynesian Models of Recession and Depression pp. 195-202

James Tobin

Towards a Theory of Saving Behavior pp. 203-09

F. Juster and Lester Taylor

Saving Behavior in Western Germany and the United States pp. 210-16

Burkhard Strumpel

Postwar U. S. Consumption, Consumer Expenditures, and Saving pp. 217-22

Michael Darby

Personal Savings in the Postwar World: Implications for the Theory of Household Behavior: Discussion pp. 223-24

Thomas Mayer

A Contractarian Paradigm for Applying Economic Theory pp. 225-30

James Buchanan

Problems vs. Conflicts: Economic Theory and Ideology pp. 231-36

Duncan Foley

Law and Economic Theory: An Economist's View pp. 237-43

Alvin K Klevorick

The National Longitudinal Surveys: New Vistas for Labor Market Research pp. 244-49

Herbert S Parnes

Using Survey Data from the University of Michigan's Survey Research Center pp. 250-56

James N Morgan

Potential Applications of Census Bureau Economic Series in Microdata Analysis pp. 257-62

Shirley Kallek

The Experimental Panel Data Resources at the Poverty Institute Data Center pp. 263-69

Katherine Dickinson and Harold W Watts

Firm Decision-making Processes and Oligopoly Theory pp. 270-79

Paul Joskow

Oligopoly Theory, Communication, and Information pp. 280-83

Martin Shubik

Northeast Railroads: Restructured or Nationalized? pp. 284-88

Alexander Lyall Morton

Transportation Controls and the Spatial Structure of Urban Areas pp. 289-94

Gerald S Goldstein and Leon N Moses

Regulation and the Financial Condition of the Electric Power Companies in the 1970's pp. 295-301

Paul L Joskov and Paul W MacAvoy

Development Economics-A Reassessment of Goals pp. 302-09

Irma Adelman

The Structuralist Approach to Development Policy pp. 310-16

Hollis B Chenery

State of Development Economics pp. 317-22

Stephen A Resnick

Implications of Growth Theory for Trade and Development pp. 323-28

Ronald Findlay

The Theory of Economic Growth: A Critique and Reformulation pp. 329-37

Donald J Harris

Growth Theory from an Evolutionary Perspective: The Differential Productivity Puzzle pp. 338-44

Richard Nelson and Sidney Winter

Chinese and Indian Development: An Interdisciplinary Environmental Analysis pp. 345-55

Barry Richman

China and India: Contrasting Experiences in Economic Development pp. 356-64

Thomas E Weisskopf

China and India: Development during the Last 25 Years: Discussion pp. 365-68

Padma Desai

China and India: Development during the Last 25 Years: Discussion pp. 368-71

John G Gurley

International Technology Transfer: Forms, Resource Requirements, and Policies pp. 372-76

Edwin Mansfield

The Economics of East European Technology Imports from the West pp. 377-82

Edward A Hewett

Problems of Technology Absorption in Chinese Industry pp. 383-88

Thomas Rawski

Incidence of World Taxes on Natural Resources with Special Reference to Bauxite pp. 389-96

Stephen Gillis and McLure, Charles E,

U.S. Taxes on Energy Resources pp. 397-404

Gerard M Brannon

Taxation of Natural Resources: Discussion pp. 405-06

Arthur W Wright

Purposive Models of Legislative Behavior pp. 407-14

John A Ferejohn and Morris P Fiorina

An Evolutionary and Institutional View of the Behavior of Public and Private Companies pp. 415-27

Marc J Roberts

Some Observations on the Learning of Economics pp. 428-30

Kenneth E Boulding

Some Comments on the Principles Course pp. 431-33

John G Gurley

New Approaches to Teaching the Principles Course pp. 434-37

W Lee Hansen

Volume 65, issue 1, 1975

What's Right With Economics? pp. 1-26

Walter W Heller

Supply and Salary Adjustments to the Changing Science Manpower Market: Physics, 1948-1973 pp. 27-39

Richard Freeman

The Balance of Payments and Money Supply Under the Gold Standard Regime: U.S. 1879-1914 pp. 40-58

Bijan B Aghevli

Investment Behavior, the Measurement of Depreciation, and Tax Policy pp. 59-74

Robert M Coen

Wealth Neutrality and Local Choice in Public Education pp. 75-89

Martin Feldstein

Household Utility Maximization and the Working Wife pp. 90-100

Wendy Lee Gramm

A Dynamic Analysis of Taxation pp. 101-14

Osvaldo H Schenone

A Geometrical Exposition of Input-Output Analysis pp. 115-26

Daniel A Graham

Toward an Analysis of Postdisaster Cooperation pp. 127-38

Louis De Alessi

Polluters' Profits and Political Response: Direct Controls Versus Taxes pp. 139-47

James Buchanan and Gordon Tullock

Durability of Consumption Goods Reconsidered pp. 148-57

Teddy T Su

Earnings, Productivity, and Changes in Employment Discrimination during the 1960's pp. 158-68

Joan Gustafson Haworth, James Gwartney and Charles Haworth

Efficient and Optimal Utilization of Capital Services pp. 181-86

Guillermo Calvo

International Trade and Economic Growth: A Diagrammatic Analysis pp. 187-93

Robert Baldwin

Lancaster's New Approach to Consumer Demand and Its Limitations pp. 194-99

Reuven Hendler

A Note on Uncertainty and the Evaluation of Public Investment Decisions pp. 200-05

Estelle James

Tax Policy and Investment: An Analysis of Survey Responses pp. 206-12

Robert Eisner and Patrick J Lawler

The U.S. Phillips Curve and International Unemployment Rate Differentials: Comment pp. 213-21

Nancy Smith Barrett

The U.S. Phillips Curve and International Unemployment Rate Differentials: Reply pp. 222-25

Robert J Flanagan

On the Reward System pp. 226-29

Liang-Shing Fan

The Industrial Composition of U.S. Exports and Subsidiary Sales to the Canadian Market: Comment pp. 230-34

Dale Orr

The Industrial Composition of U.S. Exports and Subsidiary Sales to the Canadian Market: Reply pp. 235

Thomas Horst

Black Education, Earnings, and Interregional Migration: A Comment and Some New Evidence pp. 236-40

Charles Link

Black Education, Earnings and Interregional Migration: Even Newer Evidence pp. 241-44

Leonard W Weiss and Jeffrey Williamson

Theory of the Firm Facing Uncertain Demand: Comment pp. 245-47

Robert M Korkie

Theory of the Firm Facing Uncertain Demand: Reply pp. 248

Hayne Leland

Nontraded Goods, Factor Market Distortions, and the Gains from Trade: Comment pp. 249-50

Murray Kemp and Edward Tower

Nontraded Goods, Factor Market Distortions, and the Gains from Trade: Reply pp. 251-52

Raveendra N Batra