American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
Contact information at EDIRC.
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Volume 60, issue 5, 1970

Income Taxes and Housing pp. 789-806

Henry Aaron

The Factor Price Frontier with Embodied Technical Progress pp. 807-13

David Levhari and Eytan Sheshinski

Resource Allocation with Increasing Returns to Scale pp. 814-25

Trout Rader

Dynamic Optimization and Economic Policy pp. 826-36

Eisuke Sakakibara

The Simple Economics of Incentive Contracting pp. 837-46

J J McCall

Job Search, the Duration of Unemployment, and the Phillips Curve pp. 847-62

Dale Mortensen

Value-Added and Factor Productivity in Soviet Industry pp. 863-71

Judith Thornton

Changes in the Nonwhite/White Income Ratio-1939-67 pp. 872-83

James Gwartney

Durability of Consumption Goods pp. 884-94

Peter Swan

Agricultural Productivity Differences Among Countries pp. 895-911

Yujiro Hayami and Vernon Ruttan

The Neoclassical Theory of Technical Progress pp. 912-23

Winston Chang

Measuring Economic Stabilization: 1955-65 pp. 924-33

Wayne W Snyder

$45 Billion of U. S. Private Investment Has Been Mislaid: Comment pp. 934-39

George Jaszi

$45 Billion of U. S. Private Investment Has Been Mislaid: Reply pp. 940-45

Robert Gordon

Liability in Law and Economics: Note pp. 946-48

Thomas E Borcherding

On Navigating the Navigation Acts with Peter D. McClelland: Comment pp. 949-55

Reid, Joseph D,

On Navigating the Navigation Acts with Peter D. McClelland: Reply pp. 956-58

Peter D McClelland

Tariffs, Intermediate Goods and Domestic Protection: Comment pp. 959-63

Bela Balassa

Tariffs, Intermediate Goods, and Domestic Protection: Reply pp. 964-67

Roy J Ruffin

Tariffs, Intermediate Goods and Domestic Protection: Further Comment pp. 968-69

Bela Balassa

The Cost of Ending the Draft: Comment pp. 970-78

Ben Klotz

The Cost of Ending the Draft: Reply pp. 979-83

Anthony C Fisher

International Capital Movements and Monetary Equilibrium: Comment pp. 984

H Robert Heller

International Capital Movements and Monetary Equilibrium: Reply pp. 985-87

John Floyd

Pareto Optimal Redistribution: Comment pp. 988-90

Paul A Meyer and J J Shipley

Pareto Optimal Redistribution: Comment pp. 991-93

Richard A Musgrave

Pareto Optimal Redistribution: Comment pp. 994-96

Robert Goldfarb

Pareto Optimal Redistribution: Reply pp. 997-1002

Harold M Hochman and James D Rodgers

Substitution and Two Concepts of Effective Rate of Protection: Comment pp. 1003-04

Herbert Grubel and Peter Lloyd

Substitution and Two Concepts of the Effective Rate of Protection: Reply pp. 1005-07

James Anderson and Seiji Naya

Investment Functions: Which Production Function? pp. 1008-12

J C R Rowley

Transport Costs, Tariffs, and the Pattern of Industrial Protection pp. 1013-20

Waters, W G,

Volume 60, issue 4, 1970

Production, Price, and Inventory Theory pp. 531-45

George A Hay

Returns from Investment in Human Capital pp. 546-60

Thomas Johnson

Measurement of Portfolio Performance Under Uncertainty pp. 561-75

Irwin Friend and Marshall E Blume

Production and Investment in Natural Resource Industries pp. 576-90

Oscar R Burt and Ronald G Cummings

The Effect of Interest Rates on Aggregate Consumption pp. 591-600

Warren Weber

Expectations and the Structure of Share Prices pp. 601-17

Burton G Malkiel and John G Cragg

Export Instability and Economic Structure pp. 618-30

Benton F Massell

Inflation, Unemployment, and Economic Welfare pp. 631-41

Roger Waud

Constraints on Public Action and Rules for Social Decision pp. 642-54

David Bradford

The Demand for International Reserves pp. 655-67

Michael G Kelly

International Diversification of Investment Portfolios pp. 668-75

Haim Levy and Marshall Sarnat

Soviet Postwar Economic Growth and Capital-Labor Substitution pp. 676-92

Martin Weitzman

The Peak Load Problem with Increasing Returns and Pricing Constraints pp. 693-705

Herbert Mohring

Manpower Programs in a Local Labor Market: A Theoretical Note pp. 706-09

Daniel Hamermesh and Robert Goldfarb

Managerial Pay and Corporate Performance pp. 710-20

Wilbur G Lewellen and Blaine Huntsman

Devaluation Risk and Forward Exchange Theory pp. 721-27

Don Schilling

On the Measurement of Import Substitution pp. 728-35

Samuel A Morley and Gordon W Smith

The Optimum Lifetime Distribution of Consumption Expenditures: Comment pp. 736-37

Kan Hua Young

The Optimum Lifetime Distribution of Consumption Expenditures: Comment pp. 738-43

Brian Motley and Samuel A Morley

The Optimum Lifetime Distribution of Consumption Expenditures: Reply pp. 744-45

Lester Thurow

Tax Policy and Investment Behavior: Further Comment pp. 746-52

Robert Eisner

Capital Mobility in a Tariff-Ridden International Economy pp. 753-60

James J Rakowski

Factor Mobility and International Trade: The Case of Complementarity pp. 761-67

Andrew Schmitz and Peter Helmberger

A Note on Equality of Educational Opportunity pp. 768-71

Lewis C Solmon

Volume 60, issue 3, 1970

Optimal Departures from Marginal Cost Pricing pp. 265-83

William Baumol and David Bradford

On Optimal Taxes With an Untaxable Sector pp. 284-94

Abba P Lerner

On the Optimum Structure of Commodity Taxes pp. 295-301

Avinash Dixit

A Diagramatic Exposition of Optimal Growth pp. 302-09

Nissan Liviatan

Marginal Cost Pricing of Airport Runway Capacity pp. 310-19

Alan Carlin and Rolla Edward Park

A Growth Model of International Direct Investment pp. 320-31

Hans Brems

Land and Economic Growth pp. 332-40

Donald Nichols

Cross-Section and Time-Series Tests of the Permanent-Income Hypothesis pp. 341-51

Julian L Simon and Dennis J Aigner

Absenteeism and the Overtime Decision pp. 352-57

Ronald Ehrenberg

Complementarity and Stability of Equilibrium pp. 358-63

James P Quirk

Uncertainty and the Evaluation of Public Investment Decisions pp. 364-78

Kenneth Arrow and Robert C Lind

Hospital Cost Functions pp. 379-95

Judith R Lave and Lester Lave

Discrimination and Income Differentials pp. 396-408

James Gwartney

Schooling and Earnings of Low Achievers pp. 409-18

W Lee Hansen, Burton A Weisbrod and William J Scanlon

A Simple Algebraic Logrolling Model pp. 419-26

Gordon Tullock

The Revenue Maximization Oligopoly Model: Comment pp. 427-28

Milton Z Kafoglis and Robert C Bushnell

The Revenue Maximization Oligopoly Model: Comment pp. 429-32

C J Hawkins

The Revenue Maximization Oligopoly Model: Reply pp. 433-34

Robert Haveman and Gilbert DeBartolo

Distributional Equality and Aggregate Utility: Comment pp. 435-41

William Breit and Culbertson, William P,

Distributional Equality and Aggregate Utility: Reply pp. 442-43

A P Lerner

Allais' Restatement of the Quantity Theory: Comment pp. 444-46

Michael Darby

Allais' Restatement of the Quantity Theory: Reply pp. 447-56

Maurice Allais

Third-Degree Stochastic Dominance pp. 457-59

G A Whitmore

Does Futures Trading Reduce Price Fluctuations in the Cash Markets? pp. 460-64

Mark J Powers

International Differences in Capital-Output Ratios pp. 465-77

Nicholas V Gianaris

A Fisherian Approach to Trade, Capital Movements, and Tariffs pp. 478-84

Michael Connolly and Stephen Ross

Public Utility Pricing and Output Under Risk: Comment pp. 485-86

Ralph Turvey

Public Utility Pricing and Output Under Risk: Comment pp. 487-88

David Salkever

Public Utility Pricing and Output Under Risk: Reply pp. 489-90

M Bruce Johnson and Brown, Gardner,

Imperfect Asset Elasticity and Portfolio Theory pp. 491-94

Michael A Klein

Land in Fellner's Model of Economic Growth: Comment pp. 495-99

Roger McCain

Land in Fellner's Model of Economic Growth: Reply and Further Observation pp. 500-01

William Fellner

Realized Interest Rates and Bondholders' Returns pp. 502-11

Roman L Weil

The Efficient Production of External Economies pp. 512-17

Mancur Olson and Richard Zeckhauser

A Simple Model of Replenishable Natural Resource Exploitation pp. 518-22

C G Plourde

Volume 60, issue 2, 1970

The Economics of Production pp. 1-9

Nicholas Georgescu-Roegen

A Model of Nonresidential Construction in the United States pp. 10-17

Charles Bischoff

Tax Policy and Investment Expenditures in a Model of General Equilibrium pp. 18-22

Laurits R Christensen

Capacity, Overtime, and Empirical Production Functions pp. 23-27

Robert Lucas

Investment Behavior: Discussion pp. 28-29

Arnold Harberger

Investment Behavior: Discussion pp. 29-30

Vernon Smith

Investment Behavior: Discussion pp. 30-31

Bristol, Ralph B,

Indicators of Monetary Policy: The Arguments and the Evidence pp. 32-39

Michael J Hamburger

The Choice of Optimal Intermediate Economic Targets pp. 40-46

Robert S Holbrook and Harold Shapiro

Implications of Four Econometric Models for the Indicators Issue pp. 47-54

Richard Zecher

Money Within the General Framework of the Economic System: Discussion pp. 55-56

Peter A Frost

Money Within the General Framework of the Economic System: Discussion pp. 56-57

Leonall C Andersen

Money Within the General Framework of the Economic System: Discussion pp. 57-58

Thomas Sargent

Planning with Facts: The Case of Korea pp. 59-64

Roger D Norton

Quantized Preferences and Planning by Priorities pp. 65-69

Thomas Vietorisz

A Dynamic Five-Sector Model for Turkey, 1967-82 pp. 70-75

Charles R Blitzer, Hikmet Celin and Alan Manne

An Empirical Test of Interregional Input-Output Models: Estimation of 1963 Japanese Production pp. 76-82

Karen R Polenske

Industrial Organization: Past History and Future Problems pp. 83-89

E T Grether

Industrial Organization: Price Models and Public Policy pp. 90-99

Eugene M Singer

Industrial Organization: The Role and Contribution of Econometrics pp. 100-04

Henry G Grabowski and Dennis Mueller

Industrial Organization: Retrospect and Prospect: Discussion pp. 105-06

Peter Asch

Industrial Organization: Retrospect and Prospect: Discussion pp. 106-07

Almarin Phillips

Industrial Organization; Retrospect and Prospect: Discussion pp. 107-08

James W McKie

New Dimensions for Transnational Marine Resources pp. 109-13

Christy, Francis T,

The Economies of Congestion and Pollution: An Integrated View pp. 114-21

Jerome Rothenberg

Foreign Enterprises and Developing Nations in the Raw Materials Industries pp. 122-26

Raymond Vernon

New Dimensions in Natural Resources: Discussion pp. 127-28

Richard Nelson

New Dimensions in Natural Resources: Discussion pp. 128-29

Chandler Morse

New Dimensions in Natural Resources: Discussion pp. 129-31

Marshall Hall

Data, Research, and Government pp. 132-37

Guy H Orcutt

Microdata, Economic Research, and the Production of Economic Knowledge pp. 138-48

F. Juster

A System of Information Centers for Research and Decision Making pp. 149-65

Charles C Holt

Basic Data for Policy and Public Decisions: Technical Aspects: Discussion pp. 166-67

William Sharpe

Basic Data for Policy and Public Decisions: Technical Aspects: Discussion pp. 167-68

Edwin Kuh

Basic Data for Policy and Public Decisions: Technical Aspects: Discussion pp. 167

Richard Ruggles

Planning the Foreign Sector in Latin America pp. 169-79

Carlos F Diaz-Alejandro

From Causation to Decision: Planning as Politics pp. 180-85

Stephen S Cohen

Planning Within the Firm pp. 186-94

Joseph L Bower

Planning in Free Enterprise Economies: Discussion pp. 195

John Sheahan

Planning in Free Enterprise Economies: Discussion pp. 196-97

Jesse W Markham

Planning in Free Enterprise Economies: Discussion pp. 197-98

Robert A Solo

The Single-entity Proposal for International Telecommunications pp. 199-203

Merton J Peck

Technological Advance and Market Structure in Domestic Telecommunications pp. 204-08

Leland L Johnson

Spectrum Allocation without Market pp. 209-18

Harvey J Levin

National Communications Policy: Discussion pp. 219-20

Alfred Kahn

National Communications Policy: Discussion pp. 220-22

Roger Noll

National Communications Policy: Discussion pp. 222-23

William H Meckling

National Communications Policy: Discussion pp. 223-24

William K Jones

Modern Imperialism: The View from the Metropolis pp. 225-30

Richard Wolff

The Structure of Dependence pp. 231-36

Theotonio Dos Santos

Militarism and Imperialism pp. 237-42

Harry Magdoff

Economics of Imperialism: Discussion pp. 243-44

Stephen Hymer

Economics of Imperialism: Discussion pp. 244-45

Victor Perlo

Economics of Imperialism: Discussion pp. 245-46

Arthur MacEwan

Postwar Changes in the Size Distribution of Income in the U.S pp. 247-60

Edward C Budd

Analyzing the American Income Distribution pp. 261-69

Lester Thurow

Transfer Approaches to Distribution Policy pp. 270-79

Robert J Lampman

Distribution Issues: Trends and Policies pp. 280-81

Michael K Taussig

Distribution Issues: Trends and Policies: Discussion pp. 281-83

T. Schultz

Distribution Issues: Trends and Policies: Discussion pp. 283-85

Stephan Michelson

Variability of Economic Well-being and Its Determinants pp. 286-95

James D Smith and Morgan James N

Dynamics of Income Distribution: Poverty and Progress: Discussion pp. 296-97

Arthur M Okun

Dynamics of Income Distribution: Poverty and Progress: Discussion pp. 297-98

William Branson

Dynamics of Income Distribution: Poverty and Progress: Discussion pp. 298-99

Michael J Piore

The Rise and Fall of Economic Reform in Czechoslovakia pp. 300-06

Oldrich Kyn

Economic Reforms in Hungary pp. 307-13

Richard Portes

Growth Performance of Eastern European Economies and Comparable Western European Countries pp. 314-20

Bela Balassa and Trent J Bertrand

Market and Price Mechanism in Socialist Countries pp. 321-23

John M Montias

Market and Price Mechanism in Socialist Countries: Discussion pp. 323-24

Branko Horvat

Market and Price Mechanism in Socialist Countries: Discussion pp. 324-25

Evsey D Domar

Demand and Supply in U. S. Higher Education: A Progress Report pp. 326-34

Roy Radner and L S Miller

Income Distribution Effects of Higher Education pp. 335-40

W Lee Hansen

Resource Allocation in Higher Education pp. 341-46

J A Kershaw and A M Mood

Economics of Education: Discussion pp. 347-48

William G Bowen

Economics of Education: Discussion pp. 348-49

Allan M Cartter

Economics of Education: Discussion pp. 349-50

Karl A Fox

Economics of Education: Discussion pp. 350-51

W Allen Wallis

A Radical Approach to Economics: Basis for a New Curriculum pp. 352-63

Richard C Edwards and Arthur MacEwan

Economic Efficiency and the Distribution of Benefits from College Instruction pp. 364-69

W Lee Hansen, Allen C Kelley and Burton A Weisbrod

A Retrospective Look at Undergraduate Economics pp. 370-75

Ben W Lewis

The Teaching of Economics: Discussion pp. 376-78

Phillip Saunders

The Teaching of Economics: Discussion pp. 376

Paul M Sweezy

The Teaching of Economics: Discussion pp. 378-79

John R Coleman

Stochastic Stability of a General Equilibrium Model pp. 380-84

E Roy Weintraub

Farmer's Response to Price in Underdeveloped Areas: The Nicaraguan Case pp. 385-92

Pedro Belli

Equilibrium Growth and Capital Movements between Open Economies pp. 393-97

Myron G Myers

Applications of Engineering Analysis of Production to Econometric Models of the Firm pp. 398-402

Anderson, Robert J,

Invited Doctoral Dissertations: Discussion pp. 403

Lionel McKenzie

Invited Doctoral Dissertations: Discussion pp. 403-04

Lowell S Hardin and G E Schuh

Invited Doctoral Dissertations: Discussion pp. 404-05

Ronald Jones

Is Economics Culture-bound? pp. 406-11

Kenneth E Boulding

Recommendations from Nashville Conference on Economic Curriculum in Black Colleges pp. 412-15

Flournoy Coles

An Affirmative Action Plan for the Economics Profession pp. 416-23

Cleveland A Chandler

The Di-unital Approach to 'Black Economics.' pp. 424-29

Vernon J Dixon

International Trade in Inputs and Outputs pp. 430-34

Robert Baldwin

Technology Transfer Through the International Firm pp. 435-40

Jack Baranson

The Efficiency (Contradictions) of Multinational Corporations pp. 441-48

Stephen Hymer

The International Firm and Efficient Economic Allocation: Discussion pp. 449-50

Thomas D Willett

The International Firm and Efficient Economic Allocation pp. 450-51

Stefan H Robock

The International Firm and Efficient Economic Allocation: Discussion pp. 451-53

Ronald McKinnon

Problems in the Theory of Markets under Uncertainty pp. 454-60

Roy Radner

New Ideas in Pure Theory: Discussion pp. 461-62

Ruth P Mack

New Ideas in Pure Theory: Discussion pp. 462-63

Kenneth Arrow

New Ideas in Pure Theory: Discussion pp. 463-64

Trout Rader

The Economy of Cities: Discussion pp. 465-68

Karl A Fox

The Economy of Cities: Discussion pp. 466-67

David S Mundel

The Economy of Cities: Discussion pp. 467-68

Warner, Sam Bass,

Economics as a System of Belief pp. 469-78

John Kenneth Galbraith

Economics in the Industiral State: Science and Sedative: Discussion pp. 479-81

Eli Goldston

Economics in the Industrial State: Science and Sedative: Discussion pp. 481-84

Harold Demsetz

Volume 60, issue 1, 1970

Trends in the Activities Generating Technological Progress pp. 1-29

William Fellner

About the Growth Path of Firms pp. 30-43

Romesh K Diwan

Portfolio Choice, Investment and Growth pp. 44-63

Duncan Foley and Miguel Sidrauski

Toward a Theory of Nonprofit Institutions: An Economic Model of a Hospital pp. 64-74

Joseph Newhouse

Cyclical Variation in the Interindustry Wage Structure pp. 75-84

Michael L Wachter

Monetary Growth Theory in Perspective pp. 85-106

Jerome Stein

Differential Tariffs, Negative Value-Added and the Theory of Effective Protection pp. 107-16

Augustine H H Tan

A Geometric Treatment of Averch-Johnson's Behavior of the Firm Model pp. 117-25

E E Zajac

Migration, Unemployment & Development: A Two-Sector Analysis pp. 126-42

John R Harris and Michael P Todaro

On the Economic Welfare of Victims of Automobile Accidents pp. 143-52

R A Holmes

Production Scheduling, Intermediate Goods, and Labor Productivity pp. 153-62

W H Locke Anderson

Multiperiod Consumption-Investment Decisions pp. 163-74

Eugene Fama

The Life Cycle Hypothesis: A Reinterpretation and Empirical Test pp. 175-83

Michael Landsberger

Labor Migration and Urban Unemployment: Comment pp. 184-86

Paul Zarembka

Labor Migration and Urban Unemployment: Reply pp. 187-88

Michael P Todaro

The 1967 Peruvian Exchange Crisis: A Note pp. 189-94

Laurence B Morse

Risk and the Social Rate of Discount pp. 195-98

Mark V Pauly

A Nonlinear Test of the Random-Walk Hypothesis pp. 199-202

R L Crouch

IS,LM, and External Equilibrium: A Graphical Analysis pp. 203-08

Dwayne Wrightsman

Reserve Policies of Central Banks: Comment pp. 209-10

John Makin

Reserve Policies of Central Banks: Reply pp. 211-12

Helmut A Hagemann

Maximum Bias in Social Saving Estimates Using Prices pp. 212-15

Lloyd J Mercer

The Structure of the Money-Expenditures Relationship: Comment pp. 216-19

Dwight M Jaffee

The Structure of the Money-Expenditures Relationship: Reply pp. 220-21

Sam Peltzman

An Econometric Model of Development: Comment pp. 222-26

Sara S Berry

An Econometric Model of Development: Comment pp. 227-35

Peter Eckstein

An Econometric Model of Development: Reply pp. 236-48

Irma Adelman and Cynthia Taft Morris

The Effect of Income on Delinquency: Comment pp. 249-56

John C Weicher

The Effect of Income on Delinquency: Reply pp. 257

Belton Fleisher