American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
Contact information at EDIRC.
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Volume 63, issue 5, 1973

Frank Knight as Teacher pp. 787-810

Don Patinkin

Labor Hoarding in Durable Goods Industries pp. 811-24

C Scott Clark

Problems of Economic Policy from the Viewpoint of Optimal Control pp. 825-37

Gregory Chow

The Interaction Between Federal Credit Programs and the Impact on the Allocation of Credit pp. 838-52

Rudolph G Penner and William L Silber

On Monopoly Welfare Losses pp. 853-70

Abram Bergson

Devaluation, Money, and Nontraded Goods pp. 871-80

Rüdiger Dornbusch

The Effect of the EEC and EFTA on European Trade: A Temporal Cross-Section Analysis pp. 881-92

Norman D Aitken

Black-White Differences in Returns to Schooling pp. 893-907

Finis Welch

The Friedman-Meiselman CMC Paper: New Evidence on an Old Controversy pp. 908-17

William Poole and Elinda B F Kornblith

On Revaluations versus Devaluations pp. 918-28

Edward S Howle

Human Capital: The Choice Between Investment and Income pp. 929-44

William J Haley

Inherent Advantage, Costs, and Resource Allocation in the Transportation Industry pp. 945-56

Rosalind S Seneca

Optimal Restrictions on Foreign Trade and Investment: Note pp. 957-59

Raveendra N Batra

Residential Choice and Air Pollution: A General Equilibrium Model pp. 960-67

Eugene P Seskin

Expectations and the Labor Supply pp. 968-74

Charles L Hedrick

Classical Production Functions, Technical Optimality, and Scale Adjustments of the Firms pp. 975-82

Dale Truett and Blaine Roberts

Peasants, Procreation, and Pensions: Note pp. 983-85

Clive Southey

Stochastic Dominance, Efficiency Criteria, and Efficient Portfolios: The Multi-Period Case pp. 986-94

Haim Levy

Spot Speculation, Forward Speculation, and Arbitrage: Comment pp. 995-98

Houston H Stokes

Spot Speculation, Forward Speculation, and Arbitrage: A Clarification and Reply pp. 999-1002

S C Tsiang

Pitfalls in Financial Model Building: Comment pp. 1003-04

Kevin Clinton

Pitfalls in Financial Model Building: Reply and Some Further Extensions pp. 1005-08

Mark L Ladenson

The Industrial Composition of U.S. Export and Subsidiary Sales to the Canadian Market: Note pp. 1009-12

H G Baumann

Lifetime Portfolio Selection in Continuous Time for a Multiplicative Class of Utility Functions pp. 1013-16

Gordon Pye

Social Return to Public Information Services: Statistical Reporting of U.S. Farm Commodities: Comment pp. 1017-19

Lawrence N Smith and Bruce A Scherr

Social Return to Public Information Services: Statistical Reporting of U.S. Farm Commodities: Reply pp. 1020-21

Yujiro Hayami and Willis Peterson

On Ignorance and Equal Distribution pp. 1022-24

Amartya K Sen

Specification Error in Macro-Econometric Models: The Influence of Policy Goals pp. 1025-30

James Crotty

Import Controls on Foreign Oil: Comment pp. 1031-34

Ryan C Amacher, Robert Tollison and Thomas D Willett

Import Controls on Foreign Oil: Reply pp. 1035-36

George A Hay

In Search of the "Wheel of Wealth": On the Origins of Frank Knight's Circular-Flow Diagram pp. 1037-46

Don Patinkin

Volume 63, issue 4, 1973

The 1973 Report of the President's Council of Economic Advisers: The Economic Role of Women pp. 509-14

Barbara Bergmann and Irma Adelman

The 1973 Report of the President's Council of Economic Advisers: A Review pp. 515-26

Carl Christ

The 1973 Report of the President's Council of Economic Advisers: Whistling in the Dark pp. 527-34

David I Meiselman

The 1973 Report of the President's Council of Economic Advisers: A Critique pp. 535-45

Michael Parkin

On the Effects of Fiscal and Monetary Policy: A Taxonomic Discussion pp. 546-71

Bent Hansen

A Model of the Trade and Government Sectors in Colonial Economies pp. 572-87

Thomas Birnberg and Stephen A Resnick

Heavy and Light Industry in Economic Development pp. 588-96

Morris Teubal

The Informational Efficiency of Monetary Exchange pp. 597-610

Joseph Ostroy

Externalities, Liability, Separability, and Resource Allocation pp. 611-20

James R Marchand and Keith P Russell

Assets, Subsistence, and The Supply Curve of Labor pp. 621-33

Yoram Barzel and Richard J McDonald

The Intrafamily Allocation of Time: The Value of the Housewives' Time pp. 634-51

Reuben Gronau

Transactions Costs, the Wage Rate, and the Demand for Money pp. 652-65

Dean S Dutton and William P Gramm

Limit Pricing, Potential Entry, and Barriers to Entry pp. 666-74

David P Baron

Wage Determination, Inflation, and the Industrial Structure pp. 675-92

Stephen Ross and Michael L Wachter

Male-Female Pay Differentials in Professional Employment pp. 693-705

Burton G Malkiel and Judith A Malkiel

Nontraded Goods, Factor Market Distortions, and the Gains from Trade pp. 706-13

Raveendra N Batra

Optimal Effective Protection in General Equilibrium pp. 714-16

Francois Casas

Industrial Prices, as Administered by Dr. Means pp. 717-21

George J Stigler and James K Kindahl

Environmental Externalities and the Arrow-Lind Public Investment Theorem pp. 722-25

Anthony C Fisher

A Note on Proportionally Distributed Quotas pp. 726-32

Rachel McCulloch and Harry G Johnson

Effective Protection and Decreasing Returns to Scale pp. 733-37

Eitan Berglas and Assaf Razin

External Diseconomies in Competitive Supply: Comment pp. 738-40

George A Hay and John J McGowan

External Diseconomies in Competitive Supply: Comment pp. 741-42

Alan Nichols

External Diseconomies in Competitive Supply: Comment pp. 743-44

A Ross Shepherd

External Diseconomies in Competitive Supply: Reply pp. 745-48

Charles J Goetz and James Buchanan

Bond Price Volatility and Term to Maturity: A Generalized Respecification pp. 749-53

Michael H Hopewell and George G Kaufman

The End of the North-South Wage Differential: Comment pp. 754-56

Mark L Ladenson

The End of the North-South Wage Differential: Reply pp. 757-62

Philip Coelho and Moheb A Ghali

Estimation of Structure-Profit Relationships: Comment pp. 763-67

John M Vernon and Marjorie B McElroy

Estimation of Structure-Profit Relationships: Reply pp. 768-69

Blake Imel and Peter Helmberger

Relative Shares and Elasticities Simplified: Comment pp. 770-71

Paul A Samuelson

Relative Shares and Elasticities Simplified: Reply pp. 772

Ryuzo Sato and Tetsunori Koizumi

Volume 63, issue 3, 1973

Modern Economic Growth: Findings and Reflections pp. 247-58

Simon Kuznets

The Economics of the Network-Affiliate Relationship in the Television Broadcasting Industry pp. 259-68

Stanley Besen and Ronald Soligo

On the Theory of Optimal Investment, Dividends, and Growth in the Firm pp. 269-79

Clement G Krouse

Private Demands for Public Goods pp. 280-96

Ted Bergstrom and Robert P Goodman

Intermediate Products and the Pure Theory of International Trade: A Neo-Heckscher-Ohlin Framework pp. 297-311

Raveendra N Batra and Francois Casas

The "F-Twist" and the Methodology of Paul Samuelson pp. 312-25

Stanley Wong

Some International Evidence on Output-Inflation Tradeoffs pp. 326-34

Robert Lucas

A Note on the Concept and Measure of Consumer's Surplus pp. 335-44

Michael E Burns

Monetary and Fiscal Policy in a Two-Sector Aggregative Model pp. 345-65

Dale W Henderson and Thomas Sargent

The Demand for State and Local Government Employees pp. 366-79

Ronald Ehrenberg

Qtrly Models of Wage Determination Some New Efficient Estimates pp. 380-89

J C R Rowley and D A Wilton

Quit Rates Over Time: A Search and Information Approach pp. 390-401

Donald Parsons

Employment Impacts of Textile Imports and Investment: A Vintage-Capital Model pp. 402-16

Peter Isard

A Generalization of the Pure Theory of Public Goods pp. 417-32

Bryan Ellickson

The Supply of Rental Housing: Comment pp. 433-36

Ronald Grieson

The Supply of Rental Housing: Reply pp. 437-38

Frank de Leeuw and Nkanta F Ekanem

Property Crime and Economic Behavior: Some Empirical Results pp. 439-46

David Lawrence Sjoquist

A Skeptical Note on "The Optimality" of Wage Subsidy Programs pp. 447-53

Irwin Garfinkel

Optimal Mechanisms for Income Transfer: Note pp. 454-57

Robert E Schlenker

On Terms of Foreign Borrowing pp. 458-61

Pranab Bardhan

Recent Exercises in Growth Accounting: New Understanding or Dead End? pp. 462-68

Richard Nelson

Faculty Salaries, Promotion, and Productivity at a Large University pp. 469-77

David A Katz

Making Inferences from Controlled Income Maintenance Experiments pp. 478-83

Charles E Metcalf

The Production Function and the Theory of Distributive Shares pp. 484-89

Ryuzo Sato and Tetsunori Koizumi

The Neoclassical Theory of Technical Progress: Note pp. 490-93

J Bohman and M K Bohman

International Trade and the Forward Exchange Market pp. 494-503

Wilfred Ethier

Volume 63, issue 2, 1973

The Design of Mechanisms for Resource Allocation pp. 1-30

Leonid Hurwicz

Where Are We in the Theory of Information? pp. 31-39

Jack Hirshleifer

Searching for the Lowest Price pp. 40-49

L G Telser

Economics of Information: Discussion pp. 50-51

Phillip Nelson

International Transactions and Regionalism: Distinguishing "Insiders" from "Outsiders." pp. 52-60

Wolf, Charles, and David Weinschrott

Congestion and the Optimum City Size pp. 61-66

Eytan Sheshinski

Spatial Economics: Discussion pp. 67-70

Jerome Rothenberg

A Preliminary Survey of Economic Analyses of Fertility pp. 71-78

T Paul Schultz

Population Growth, Resource Availability and Environmental Quality pp. 79-87

Joseph L Fisher and Ronald G Ridker

Economics of Population: Discussion pp. 88-89

D. Johnson

Behavior of the Firm Under Regulatory Constraint: A Reassessment pp. 90-97

Leland L Johnson

Entry as a Substitute for Regulation pp. 98-105

William G Shepherd

Today's Apocalypses and Yesterday's pp. 106-10

Scott Gordon

Innovative Responses to Materials Shortages pp. 111-18

Nathan Rosenberg

Increasing Scarcity: The Case of Energy Resources pp. 119-25

Paul G Bradley

Natural Resources as a Constraint on Economic Growth: Discussion pp. 126-28

Chandler Morse

Stochastic Returns and the Theory of the Firm pp. 129-33

Aaron J Douglas

The Economic Theory of Agency: The Principal's Problem pp. 134-39

Stephen Ross

Portfolio Choice, the Horizon Problem and the Investment Opportunity Set pp. 140-44

James L Bicksler, Amir Barnea and Jair Babad

Types of Radicalism in American Economics pp. 145-51

Daniel R Fusfeld

Cyclical Accumulation: A Marxian Model of Development pp. 152-59

Edward J Nell

General Economic Conditions and National Elections pp. 160-67

George J Stigler

The Practice of Political Economy pp. 168-71

Paul W McCracken

General Economic Conditions and National Elections: Comment pp. 172-77

Arthur M Okun

Micropolitics and Macroeconomics: Discussion pp. 178-80

William H Riker

Micropolitics and Macroeconomics: Discussion pp. 179-80

Thomas R Ireland

The International Monetary System pp. 181-88

Kahn, Richard F [Lord]

Convertibility and Consolidation: A Survey of Options for Reform pp. 189-98

Peter Kenen

Domestic Economic Policy and Convertibility pp. 199-205

Paul W McCracken

Dollars as Reserve Assets: What Next? pp. 206-11

John F Helliwell

The Costs and Benefits of the Dollar as a Reserve Currency: Discussion pp. 212-14

H Robert Heller

Chinese and Other Asian Economies: A Quantitative Evaluation pp. 215-23

Ta-Chung Liu and Kung-Chia Yeh

Plans and Their Implementation in the People's Republic of China pp. 224-31

Dwight Perkins

The Chinese Economy at the Present Juncture: Discussion pp. 233-34

Richard S Eckaus

The Chinese Economy at the Present Juncture: Discussion pp. 234-35

Thomas Rawski

Application of Microeconomic Models to Regional Environmental Quality Management pp. 236-43

Clifford S Russell

A Forecasting Model Applied to Pollution Control Costs pp. 244-52

Michael K Evans

Economics of Pollution: Discussion pp. 253-56

Robert Dorfman

The Problem of Heroin Addiction and Radical Political Economy pp. 257-62

Raul A Fernandez

Legal Strategies for Dealing with Heroin Addiction pp. 263-69

Christopher Clague

Policies to Achieve Discrimination on the Effective Price of Heroin pp. 270-77

Mark H Moore

Economics of Heroin: Discussion pp. 278-79

James A Seagraves

Decline of Labor Market Discrimination and Economic Analysis pp. 280-86

Richard Freeman

Approaches to the Economics of Discrimination pp. 287-95

Joseph Stiglitz

A Theory of Labor Market Discrimination with Interdependent Utilities pp. 296-302

Marcus Alexis

An Agenda for Improving the Teaching of Economics pp. 303-08

G L Bach

Financial Rewards to Research and Teaching: A Case Study of Academic Economists pp. 309-15

John Siegfried and Kenneth J White

Markets and Hierarchies: Some Elementary Considerations pp. 316-25

Oliver Williamson

Legal Constraints and the Choice of Organizational Form pp. 326-34

Donald L Martin

Research on the Transmission of Material Wealth pp. 335-45

John A Brittain

Understanding Unequal Economic Opportunity pp. 346-56

Samuel Bowles

Intergenerational Determinants of Individual Incomes: Discussion pp. 357-58

Arleen Leibowitz

A Theory of Labor Market Segmentation pp. 359-65

Michael Reich, David M Gordon and Richard C Edwards

Labor Market Segmentation: Positive Feedback and Divergent Development pp. 366-76

Thomas Vietorisz and Bennett Harrison

Fragments of a "Sociological" Theory of Wages pp. 377-84

Michael J Piore

A Comparison of Eleven Econometric Models of the United States pp. 385-93

Gary Fromm and Lawrence Klein

A Comparison of Econometric Macro Models in Three Countries pp. 394-401

Hiroki Tsurumi

Forecasting and Simulation Analysis of the World Economy pp. 402-09

C Moriguchi

Econometric Models: Discussion pp. 410-11

Ronald Bodkin

Price Competitiveness in Export Trade Among Industrial Countries pp. 412-18

Helen B Junz and Rudolf R Rhomberg

Exchange Control, Liberalization, and Economic Development pp. 419-27

Jagdish N Bhagwati and Anne O Krueger

Reinterpreting Economic Growth: Parables and Realities pp. 428-39

Moses Abramovitz and Paul David

Toward an Evolutionary Theory of Economic Capabilities pp. 440-49

Richard Nelson and Sidney Winter

Modeling Economic Development and General Equilibrium Histories pp. 450-58

Allen C Kelley and Jeffrey Williamson

Foreign Assistance and Development Performance, 1960-1970 pp. 459-68

Hollis B Chenery and Nicholas G Carter

Volume 63, issue 1, 1973

Power and the Useful Economist pp. 1-11

John Kenneth Galbraith

Short-Run Dynamics in Models of Money and Growth pp. 12-23

Douglas Purvis

An Analysis of Cooperation and Learning in a Duopoly Context pp. 24-37

Richard M Cyert and Morris H DeGroot

Alternative Programs for Income Redistribution: The NIT and the NWT pp. 38-49

Edgar Browning

Simulation of the Impact of Social and Economic Institutions on the Size Distribution of Income and Wealth pp. 50-72

Frederic L Pryor

The Production Lag pp. 73-86

John Carlson

The Not-For-Profit Hospital as a Physicians' Cooperative pp. 87-99

Mark V Pauly and Michael Redisch

Capital, Distribution, and the Aggregate Production Function pp. 100-13

Donald J Harris

The U.S. Phillips Curve and International Unemployment Rate Differentials pp. 114-31

Robert J Flanagan

Required Disclosure and the Stock Market: An Evaluation of the Securities Exchange Act of 1934 pp. 132-55

George J Benston

Optimal Open Market Strategy: The Use of Information Variables pp. 156-72

John H Kareken, Thomas Muench and Neil Wallace

A Dynamic Theory of Comparative Advantage pp. 173-84

Roger Klein

A True Price Index When the Consumer Saves pp. 185-94

Malcolm Galatin

Theories of Corporate Investment Behavior Revisited pp. 195-207

J W Elliott

Unemployment and Consumption: Note pp. 208-13

Michael Grossman

A Test for Relative Economic Efficiency: Some Further Results pp. 214-23

Pan A Yotopoulos and Lawrence J Lau

Welfare-Maximizing Price and Output with Stochastic Demand: Comment pp. 224-29

Michael L Visscher

Welfare-Maximizing Price and Output with Stochastic Demand: Reply pp. 230-31

Brown, Gardner, and M Bruce Johnson

Dependency Rates and Savings Rates: Further Comment pp. 232-33

Arthur Goldberger

Dependency Rates and Savings Rates: Reply pp. 234

Nathaniel H Leff

Behavior of the Firm Under Regulatory Constraint: Clarifications pp. 235-37

Mohamed El-Hodiri and Akira Takayama

Behavior of the Firm Under Regulatory Constraint: Reply pp. 238

Israel Pressman and Arthur Carol