American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 62, issue 5, 1972

Production, Information Costs, and Economic Organization pp. 777-95

Armen Alchian and Harold Demsetz

Education and Underemployment in the Urban Ghetto pp. 796-812

Bennett Harrison

Option Demand and Consumer's Surplus: Valuing Price Changes under Uncertainty pp. 813-24

Richard Schmalensee

Sectoral Investment Determination in a Developing Economy pp. 825-41

Jere Behrman

Capital Deepening Response in an Economy with Heterogeneous Capital Goods pp. 842-53

Edwin Burmeister and Stephen J Turnovsky

Interest Rates and Inflationary Expectations: New Evidence pp. 854-65

William E Gibson

Capital Gains and the Aggregate Consumption Function pp. 866-79

Kul Bhatia

Keynes-Wicksell and Neoclassical Models of Money and Growth pp. 880-90

Stanley Fischer

The Demand for the Services of Non-Federal Governments pp. 891-901

Thomas E Borcherding and Robert Deacon

The Prediction Performance of the FRB-MIT-PENN Model of the U.S. Economy pp. 902-17

Charles Nelson

Uncertain Entry and Excess Capacity pp. 918-27

Morton I Kamien and Nancy L Schwartz

The Allocation of Transitory Income Among Consumers' Assets pp. 928-41

Michael Darby

Duality and the Many Consumer's Surpluses pp. 942-52

Eugene Silberberg

Fiscal and Monetary Policy Reconsidered: Comment pp. 953-56

Jack Vernon

Fiscal and Monetary Policy Reconsidered: Further Reply pp. 957

Robert Eisner

Pollution and Pricing pp. 958

Allen V Kneese

Local versus National Pollution Control: Note pp. 959-63

Sam Peltzman and T Nicolaus Tideman

Behavior of the Firm Under Regulatory Constraint pp. 964-70

Jerome Stein and George H Borts

The Futility of Pareto-Efficient Distributions pp. 971-76

E J Mishan

Peasants, Procreation, and Pensions: Comment pp. 977-78

Warren C Robinson

Peasants, Procreation, and Pensions: Reply pp. 979

Philip A Neher

A New Look at the Muth Model pp. 980-81

Wyatt Mankin

Choice Involving Unwanted Risky Events and Optimal Insurance pp. 982-87

Michael Parkin and S Y Wu

A Spectral Analysis of Post-Accord Federal Open Market Operations: Comment pp. 988-92

Llad Phillips and Robert Weintraub

A Spectral Analysis of Post-Accord Federal Open Market Operations: Reply pp. 993-96

Vittorio Bonomo and Charles Schotta

Multi-Neutral Technical Progress: Compatibilities, Conditions, and Consistency with Some Evidence pp. 997-1003

Earl R Brubaker

Inflation, Unemployment, and Economic Welfare: Comment pp. 1004

Gordon Tullock

Inflation, Unemployment, and Economic Welfare: Reply pp. 1005-06

Roger Waud

Lerner on Pollution Controls: Comment pp. 1007-08

Ali M Reza

Pollution Abatement Subsidies pp. 1009-10

Abba P Lerner

Price-Quantity Adjustments in a Competitive Market pp. 1011-15

E C H Veendorp

Volume 62, issue 4, 1972

The 1972 Report of the President's Council of Economic Advisers: Inflation and Unemployment pp. 509-16

Edgar Feige

The 1972 Report of the President's Council of Economic Advisers: International Aspects pp. 517-26

Peter Kenen

The 1972 Report of the President's Council of Economic Advisers: Inflation and Controls pp. 527-32

Reuben A Kessel

The 1972 Report of the President's Council of Economic Advisers: Economics and Government pp. 533-39

Edmund Phelps

Money, Income, and Causality pp. 540-52

Christopher Sims

Neoclassical Investment Models and French Private Manufacturing Investment pp. 553-63

Richard Schramm

Anticipatory and Objective Models of Durable Goods Demand pp. 564-79

F. Juster and Paul Wachtel

Disasters and Charity: Some Aspects of Cooperative Economic Behavior pp. 580-90

Christopher M Douty

Optimization and Scale Economies in Urban Bus Transportation pp. 591-604

Herbert Mohring

The Economics of Environmental Preservation: A Theoretical and Empirical Analysis pp. 605-19

Anthony C Fisher, John V Krutilla and Charles J Cicchetti

The Preventive Tariff and the Dual in Linear Programming pp. 620-29

Leonard Waverman

A Choice-Theoretic Model of an Income-Investment Accelerator pp. 630-41

Herschel Grossman

Advertising and the Aggregate Consumption Function pp. 642-55

Lester Taylor and Daniel Weiserbs

A Note on the Stigler-Kindahl Study of Industrial Prices pp. 656-58

George A Hay

The Statistical Theory of Racism and Sexism pp. 659-61

Edmund Phelps

Learning and Productivity Change in Metal Products pp. 662-69

Leonard Dudley

The Number of Firms and Competition pp. 670-74

Eugene Fama and Arthur B Laffer

Soviet Postwar Economic Growth and Capital-Labor Substitution: Comment pp. 675-78

Earl R Brubaker

Soviet Postwar Economic Growth and Capital-Labor Substitution: Comment pp. 679-81

Mitchell Kellman and Lorenzo L Perez

Soviet Postwar Economic Growth and Capital-Labor Substitution: Reply pp. 682-84

Martin Weitzman

A Model of Soviet-Type Economic Planning: Comment pp. 685-88

J M Montias

A Model of Soviet-Type Economic Planning: Reply pp. 689-91

Michael Manove

The Determinants of U. S. Direct Investment in the E. E. C.: Comment pp. 692-99

Murray A Goldberg

The Determinants of U. S. Direct Investment in the E. E. C.: Reply pp. 700-04

Anthony E Scaperlanda and Laurence Jay Mauer

Monopoly Output Under Alternative Spatial Pricing Techniques pp. 705-13

M L Greenhut and Hiroshi Ohta

Job Search, the Duration of Unemployment, and the Phillips Curve: Comment pp. 714-17

Paul Gayer and Robert Goldfarb

Job Search, the Duration of Unemployment, and the Phillips Curve: Reply pp. 718-19

Dale Mortensen

Production Indeterminacy with Three Goods and Two Factors: Rejoinder pp. 720-22

Douglas B Stewart

Production Indeterminacy with Three Goods and Two Factors: The Last Word? pp. 723

James Melvin

An Analysis of Turning Point Forecasts pp. 724-29

Herman Stekler

The Permanent Income Hypothesis: Evidence from Time-Series Data pp. 730-34

Prem S Laumas and Khan A Mohabbat

The Incidence of the Social Security Payroll Tax: Comment pp. 735-38

Martin Feldstein

The Incidence of the Social Security Payroll Tax: Reply pp. 739-42

John A Brittain

Decision Rules for Effective Protection in Less Developed Economies pp. 743-46

Trent J Bertrand

Substitution, Complementarity, and the Residual Variation: Some Further Results pp. 747-51

Louis Phlips and Philippe Rouzier

Schooling and Earnings of Low Achievers: Comment pp. 752-54

Barry Chiswick

Schooling and Earnings of Low Achievers: Comment pp. 755-59

Stanley Masters and Thomas I Ribich

Schooling and Earnings of Low Achievers: Reply pp. 760-62

W Lee Hansen, Burton A Weisbrod and William J Scanlon

Volume 62, issue 3, 1972

Maximum Principles in Analytical Economics pp. 249-62

Paul Samuelson

Housing Market Discrimination, Homeownership, and Savings Behavior pp. 263-77

John Kain and John Quigley

Theory of the Firm Facing Uncertain Demand pp. 278-91

Hayne Leland

The Administered-Price Thesis Reconfirmed pp. 292-306

Gardiner C Means

On Taxation and the Control of Externalities pp. 307-22

William Baumol

The Effects of Minimum Wages on the Distribution of Changes in Aggregate Employment pp. 323-32

Marvin Kosters and Finis Welch

Implications of the Theory of Rationing for Consumer Choice Under Uncertainty pp. 333-43

Peter Diamond and Menahem Yaari

Life Cycle Saving: Theory and Fact pp. 344-53

Keizo Nagatani

The Rationale of the Mean-Standard Deviation Analysis, Skewness Preference, and the Demand for Money pp. 354-71

S C Tsiang

Black Education, Earnings, and Interregional Migration: Some New Evidence pp. 372-83

Leonard W Weiss and Jeffrey Williamson

Incentive Contracts and Competitive Bidding pp. 384-94

David P Baron

Price Discrimination by Regulated Motor Carriers pp. 395-402

Josephine E Olson

The Dynamics of Firm Behavior Under Alternative Cost Structures pp. 403-13

George A Hay

Urban Poverty and Labor Force Participation: Note pp. 414-21

Larry Sawers

Nordhaus' Theory of Optimal Patent Life: A Geometric Reinterpretation pp. 422-27

F M Scherer

The Optimum Life on a Patent: Reply pp. 428-31

William Nordhaus

A Simple Approach to Existence and Uniqueness of Competitive Equilibria pp. 432-37

Donald W Katzner

Stochastic Dominance vs. Mean-Variance Portfolio Analysis: An Empirical Evaluation pp. 438-46

R Burr Porter and Jabk E Gaumnitz

Commodity Price Equalization: A Note on Factor Mobility and Trade pp. 442-76

Frank Flatters

On Progression and Leisure pp. 447-50

M G Allingham

Peasants, Procreation, and Pensions: Comment pp. 451s

Marianne Abeles Ferber

Peasants, Procreation, and Pensions: Reply pp. 452

Philip A Neher

Upward Sloping Demand Curves Without the Giffen Paradox pp. 453-58

Daniel C Vandermeulen

Determinants of the Commodity Structure of U. S. Trade: Comment pp. 459-64

Lawrence Weiser and Keith Jay

Determinants of the Commodity Structure of U. S. Trade: Reply pp. 465

Robert Baldwin

Unions and Relative Real Wages pp. 466-72

Michael J Boskin

A Theory and Test of Credit Rationing: Some Generalizations pp. 477-83

Vernon Smith

A Theory and Test of Credit Rationing: Further Notes pp. 484-88

Dwight M Jaffee

Distributional Equality and Aggregate Utility: Further Comments pp. 497-500

Roger McCain

Distributional Equality and Aggregate Utility: Reply pp. 501-02

William Breit and Culbertson, William Patton,

Volume 62, issue 2, 1972

The Second Crisis of Economic Theory pp. 1-10

Joan Robinson

Have Monetary Policies Failed? pp. 11-18

Milton Friedman

Have Fiscal and Monetary Policies Failed? pp. 19-23

John G Gurley

Have Fiscal and/or Monetary Policies Failed? pp. 24-30

Arthur M Okun

Viewing Minority Economic Development as a Problem in Political Economy pp. 31-38

William K Tabb

The Economic Case for Reparations to Black America pp. 39-46

Robert S Browne

The Basic Behavior of Regulatory Commissions pp. 47-54

George W Hilton

Inherent Advantages Under Regulation pp. 55-61

Roy J Sampson

What's Wrong with the Arts Is What's Wrong with Society pp. 62-69

Tibor Scitovsky

Unions and the Arts pp. 70-77

Hyman R Faine

Public Transportation: Wish Fulfillment and Reality in the San Francisco Bay Area pp. 78-86

Leonard Merewitz

An Econometric Simulation Model of Intra-Metropolitan Housing Location: Housing, Business, Transportation and Local Government pp. 87-97

Engle, Robert F, III, et al

An Econometric Simulation Model of Intra-Metropolitan Housing Location: Housing, Business, Transportation and Local Government: Discussion pp. 98-99

Richard F Muth

An Econometric Simulation Model of Intra-Metropolitan Housing Location: Housing, Business, Transportation and Local Government: Discussion pp. 99-102

David Bradford

Is the Corporate Economy a Corporate State? pp. 103-15

Robin Marris

The Keynesians and Government Policy, 1933-1939 pp. 116-24

Alan R Sweezy

The Role of Keynesians in Wartime Policy and Postwar Planning, 1940-1946 pp. 125-33

Byrd L Jones

The Keynesian Revolution and Its Pioneers: Discussion pp. 134-38

Leon H Keyserling

The Keynesian Revolution and Its Pioneers: Discussion pp. 138-39

Robert R Nathan

The Keynesian Revolution and Its Pioneers: Discussion pp. 139-41

Lauchlin B Currie

Academic Wisdom and Union Reality pp. 142-48

Robert Lekachman

The Working Class Experience pp. 149-53

Brendan Sexton

Economists and the Trade Union Movement: Discussion pp. 154-56

Myra H Strober

Discrimination Against Women, Occupational Segregation, and the Relative Wage pp. 157-60

Harriet Zellner

"Women's Place" in the Labor Market pp. 161-66

Francine Blau

Is the Household Obsolete? pp. 167-74

Charlotte Phelps

What Economic Equality for Women Requires: Discussion pp. 175-76

Steven H Sandell

The Contradictions of the Green Revolution pp. 177-86

Harry Cleaver

Capitalism and Poverty in America: Paradox or Contradiction? pp. 187-94

Howard M Wachtel

Is the South Still a Backward Region, and Why? pp. 195-203

M I Foster

Some Rural Economic Development Problems in the South pp. 204-11

Ray Marshall

The Economic Consequences of the Stock Market pp. 212-19

Irwin Friend

Impact of the Stock Market on Private Demand pp. 220-28

Robert Rasche

The Stock Market and the Economy: Discussion pp. 229-33

Franco Modigliani

Incomes Policy and Inflation: Some Further Reflections pp. 234-41

Gottfried Haberler

Cost-Push and Some Policy Alternatives pp. 242-50

Lloyd Ulman

A Wage-Price Freeze as an Instrument of Incomes Policy: Or the Blizzard of '71 pp. 251-57

Arnold R Weber

The Economics and Politics of Consumer Sovereignty pp. 258-66

Abba P Lerner

Consumer Behavior and the Concept of Sovereignty: Explanations of Social Decay pp. 267-78

Herbert Gintis

The Military-Industrial Complex: A Market Structure Analysis pp. 279-87

Walter Adams and William Adams

MIRVing the Boondoggle: Contracts, Subsidy, and Welfare in the Aerospace Industry pp. 288-95

Richard F Kaufman

Does the U.S. Economy Require Military Spending? pp. 296-303

Michael Reich

The Political Economy of Weapons Procurement: The Follow-On Imperative pp. 304-11

James R Kurth

Ten Propositions on the War Economy pp. 312-18

Seymour Melman

Taxation of the Poor and the Normative Theory of Tax Incidence pp. 319-28

David M Gordon

The Taxation of Wealth and the Wealthy pp. 329-30

Earl A Thompson

Taxation of the Poor and the Rich: Discussion pp. 331-32

Robert J Lampman

Taxation of the Poor and the Rich: Discussion pp. 332-34

Henry Aaron

The Current State of Money and Production Theory pp. 335-43

John Moroney

The Political Economy of Money: Evolution and Impact of Monetarism in the Federal Reserve System pp. 344-52

Andrew F Brimmer

Individual Preferences and Distributional Adjustments pp. 353-60

Harold M Hochman

Long-Term Changes in Personal Income Distribution: Theoretical Approaches, Evidence, and Explanations pp. 361-62

T. Schultz

Occupational Discrimination as a pp. 363-72

Duran Bell

Economists Consider Economic Reporters and Vice Versa: Introductory Comments pp. 373-75

Walter W Heller

Truth vs. Partisan Political Purpose pp. 376-78

Leonard S Silk

Communications Gap Narrows but Persists pp. 379-80

John R Meyer

Economists and Reporters: A Combination to Promote/Restrain Trade pp. 381-83

Bernard D Nossiter

Economists and the Press-A Progress Report pp. 384-86

Henry C Wallich

Friends with Points of Friction and Misunderstanding pp. 387-88

Richard F Janssen

Economists and Economic Reporters pp. 389-90

John A Schnittker

Brazilian Size Distribution of Income pp. 391-402

Albert Fishlow

Farm Size Distribution, Income Distribution, and the Efficiency of Agricultural Production: Colombia pp. 403-08

R Albert Berry

Economic Theory and Society: A Plea for Process Analysis pp. 409-15

Craufurd Goodwin

The Early Economics of Keynes pp. 416-21

Harry G Johnson

TIPS and Technical Change in Classroom Instruction pp. 422-28

Allen C Kelley

Some Modern Myths in Teaching Economics: The U. K. Experience pp. 429-33

Richard Attiyeh and Keith G Lumsden

Teaching Radical Political Economics in the Introductory Course pp. 434-38

Michael Zweig

The American Economy in the Year 2000 pp. 439-43

Lester Thurow

Long-Term Planning and Forecasting in the USSR pp. 444-55

T S Khachaturov

Luncheon in Honor of Gunnar and Alva Myrdal: Response to Introduction pp. 456-62

Gunnar Myrdal

Volume 62, issue 1, 1972

Inflation and Unemployment pp. 1-18

James Tobin

Private and Social Rates of Return to Education of Academicians pp. 19-31

Duncan Bailey and Charles Schotta

Distributional Equity and the Optimal Structure of Public Prices pp. 32-36

Martin Feldstein

The Industrial Composition of U. S. Exports and Subsidiary Sales to the Canadian Market pp. 37-45

Thomas Horst

The Process Analysis Alternative to Statistical Cost Functions: An Application to Petroleum Refining pp. 46-56

James M Griffin

Optimal Economic Policy and the Problem of Instrument Instability pp. 57-65

Robert S Holbrook

Default Risk, Scale, and the Homemade Leverage Theorem pp. 66-76

Vernon Smith

The Creation of Risk Aversion by Imperfect Capital Markets pp. 77-86

Robert Tempest Masson

Production, Trade, and Protection When There are Many Commodities and Two Factors pp. 87-106

William P Travis

Experimental Evidence on Alternative Portfolio Decision Rules pp. 107-18

Myron J Gordon, G E Paradis and C H Rorke

Social Returns to Public Information Services: Statistical Reporting of U. S. Farm Commodities pp. 119-30

Yujiro Hayami and Willis Peterson

Welfare Economics and Welfare Reform pp. 131-38

George Daly and J. Giertz

A 'One Line' Proof of the Slutsky Equation pp. 139

Philip J Cook

A Geometric Treatment of Averch-Johnson's Behavior of the Firm Model: Comment pp. 140-41

Robert J Stonebraker

A Geometric Treatment of Averch-Johnson's Behavior of the Firm Model: Reply pp. 142

E E Zajac

Security Pricing and Investment Criteria in Competitive Markets: Comment pp. 143-46

Prem Kumar

Security Pricing and Investment Criteria in Competitive Markets: Reply pp. 147-48

Jan Mossin

Macroeconomics of Unbalanced Growth: Comment pp. 149

Michael Keren

Macroeconomics of Unbalanced Growth: Reply pp. 150

William Baumol

Allais' Restatement of the Quantity Theory of Money: Note pp. 151-54

J L Scadding

The Phillips Curve and the Distribution of Unemployment pp. 155-60

A G Hines

Uncertainty and the Evaluation of Public Investment Decisions: Comment pp. 161-64

E J Mishan

Uncertainty and the Evaluation of Public Investment Decisions: Comment pp. 165-67

Roland N McKean and John H Moore

Uncertainty and the Evaluation of Public Investment Decisions: Comment pp. 168-69

Alan Nichols

Uncertainty and the Evaluation of Public Investment Decisions: Comment pp. 170

Donald Wellington

Uncertainty and the Evaluation of Public Investment Decisions: Reply pp. 171-72

Kenneth Arrow and Robert C Lind

Optimal Taxes and Pricing: Comment pp. 173-74

Yew-Kwang Ng

Optimal Taxes and Pricing: Reply pp. 175-76

David Bradford and William Baumol

The Role of Money in a Simple Growth Model: Comment pp. 177-79

Jon Harkness

The Role of Money in a Simple Growth Model: Comment pp. 180-84

R Ramanathan

The Role of Money in a Simple Growth Model: Reply pp. 185

David Levhari and Don Patinkin

A Note on Pollution Prices in a General Equilibrium Model pp. 186-92

Larry E Ruff

'Fixed Costs' and the Competitive Firm Under Price Uncertainty: Comment pp. 193

Irwin Bernhardt

'Fixed Costs' and the Competitive Firm Under Price Uncertainty: Reply pp. 194-95

Agnar Sandmo

Separability and Complementarity pp. 196-97

Eugene Silberberg

Money Illusion and the Aggregate Consumption Function: Comment pp. 198-206

Alex Cukierman

Money Illusion and the Aggregate Consumption Function: Reply pp. 207-10

William Branson and Alvin K Klevorick

Do Blacks Save More? pp. 211-16

Marjorie Galenson

On Measuring the Nearness of Near-Moneys: Comment pp. 217-20

Tong Hun Lee

On Measuring the Nearness of Near-Moneys: Comment pp. 221-25

Larry Steinhauer and John Chang

On Measuring the Nearness of Near-Moneys: Reply pp. 226-29

V K Chetty

Lags in the Effects of Monetary Policy: Comment pp. 230-33

Paul E Smith

Lags in the Effects of Monetary Policy: Reply and Some Further Thoughts pp. 234-37

J Ernest Tanner