American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
Contact information at EDIRC.
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Volume 59, issue 5, 1969

Security Pricing and Investment Criteria in Competitive Markets pp. 749-56

Jan Mossin

Interstate Wage Differentials: A Cross Section Analysis pp. 757-73

Gerald W Scully

Long-Run Scale Adjustments of a Perfectly Competitive Firm and Industry pp. 774-83

C E Ferguson and Thomas R Saving

A Re-Examination of the Modigliani-Miller Theorem pp. 784-93

Joseph Stiglitz

Lags in the Effects of Monetary Policy: A Statistical Investigation pp. 794-805

J Ernest Tanner

An Empirical Investigation of the Wage-Lag Hypothesis pp. 806-16

Thomas Cargill

An Economic Interpretation of Optimal Control Theory pp. 817-31

Robert Dorfman

Money Illusion and the Aggregate Consumption Function pp. 832-49

William Branson and Alvin K Klevorick

A Theory and Test of Credit Rationing pp. 850-72

Dwight M Jaffee and Franco Modigliani

Pecuniary and Technological Externality, Factor Rents, and Social Costs pp. 873-85

Worcester, Dean A,

Dependency Rates and Savings Rates pp. 886-96

Nathaniel H Leff

Fiscal and Monetary Policy Reconsidered pp. 897-905

Robert Eisner

Coinsurance and the Welfare Economics of Medical Care pp. 906-08

Michael A Crew

On the Social Rate of Discount: Comment pp. 909-11

Alan Nichols

On the Social Rate of Discount: Comment pp. 912-16

Estelle James

On the Social Rate of Discount: Comment pp. 917-18

Carl Landauer

On the Social Rate of Discount: Comment pp. 919-24

David D Ramsey

On the Social Rate of Discount: Comment pp. 925-29

Dan Usher

On the Social Rate of Discount: Comment on the Comments pp. 930

William Baumol

New Thoughts About Inferior Goods pp. 931-34

H H Liebhafsky

The Contribution of Education to the Quality of Labor: Comment pp. 935-43

Edward F Denison

The Contribution of Education to the Quality of Labor: Reply pp. 944-46

David Schwartzman

Economies as an Antitrust Defense: Comment pp. 947-53

Michael E DePrano and Jeffrey Nugent

Economies as an Antitrust Defense: Reply pp. 954-59

Oliver Williamson

Teaching Hour-Load Assignments in Economics Departments in Larger Institutions Revisited pp. 960-62

Rodney J Morrison

The Restrictive Effect of the U.S. Tariff: Comment pp. 963-66

Franklin V Walker

Optimal Policies and Immiserizing Growth pp. 967-70

Jagdish N Bhagwati

A Further Test of the Kinky Oligopoly Demand Curve pp. 971-75

Julian L Simon

Reciprocal Externalities and Optimal Input and Output Levels pp. 976-84

Phillip E Vincent

The Economics of Production from Natural Resources: Note pp. 985-90

Ronald G Cummings and Oscar R Burt

The Stock of Money and Investment in the United States, 1897-1966 pp. 991-96

William P Gramm and Timberlake, Richard H,

Distributed Lags and Effectiveness of Monetary Policy: Note pp. 997-1001

E Philip Howrey

The Interaction of Tariffs and Quotas pp. 1002-05

Tsvi Ophir

Decentralization Under Worker's Management: A Theoretical Appraisal pp. 1006-14

Jaroslav Vanek

Volume 59, issue 4, 1969

Contributions to Indian Economic Analysis: A Survey pp. 2-73

Jagdish N Bhagwati and Sukhamoy Chakravarty

Economic Policy Discussion and Research in Israel pp. 74-118

Nadav Halevi

Interrelated Factor Demand Functions pp. 457-71

M Ishaq Nadiri and Sherwin Rosen

International Capital Movements and Monetary Equilibrium pp. 472-92

John Floyd

A Model of an Agrarian Economy with Nonagricultural Activities pp. 493-506

Stephen H Hymer and Stephen Resnick

Real and Monetary Determinants of State and Local Highway Investment, 1951-66 pp. 507-21

Charlotte Phelps

Expectations and the Demand for Bonds pp. 522-30

John H Wood

Large Industrial Corporations and Asset Shares pp. 531-41

David Mermelstein

Pareto Optimal Redistribution pp. 542-57

Harold M Hochman and James D Rodgers

The Determinants of U.S. Direct Investment in the E.E.C pp. 558-68

Anthony E Scaperlanda and Laurence J Mauer

The Seed-Fertilizer Revolution and Labor Force Absorption pp. 569-82

Bruce F Johnston and John Cownie

Output of the Restrained Firm pp. 583-89

Milton Z Kafoglis

A Comment on the Modigliani-Miller Cost of Capital Thesis pp. 590-92

A James Heins and Case M Sprenkle

A Comment on the Modigliani-Miller Cost of Capital Thesis: Reply pp. 592-95

Franco Modigliani and Merton Miller

Clothing Exemptions and Sales Tax Regressivity pp. 596-99

Jeffrey M Schaefer

Concentration and Economic Progress: Note pp. 600-604

Bruce T Allen

Demand Conditions and Immiserizing Growth pp. 604-06

James Melvin

Substitution and Two Concepts of Effective Rate of Protection pp. 607-12

James Anderson and Seiji Naya

A Competitive Theory of the Housing Market pp. 612-22

Edgar Olsen

Growth in Soviet Transport and Communications: Note pp. 622-24

Earl R Brubaker

Language as a Limiting Factor for Centralization pp. 625-31

Pavel Pelikan

Macroeconomics of Unbalanced Growth: Comment on the Comment pp. 632

William Baumol

Macroeconomics of Unbalanced Growth: A Belated Comment pp. 633

Joan Robinson

Sales Maximization and Managerial Effort: Note pp. 633-34

David J Smyth

What Is Producer's Surplus?-Comment pp. 634-35

Robert H Wessel

Rent and Producer's Surplus: Reply pp. 635-37

E J Mishan

The Urban Economy and the "Urban Crisis." pp. 639-45

Barbara Bergmann

Housing the Urban Poor: The Economics of Various Strategies pp. 646-51

Anthony Downs

Strategies for Helping Cities pp. 652-56

Jane Jacobs

The Size Distribution of Personal Income during the Business Cycle pp. 657-68

Charles E Metcalf

An Example of an Algorithm for Calculating General Equilibrium Prices pp. 669-77

Herbert Scarf

On the Core of an Economic System with Externalities pp. 678-84

Lloyd S Shapley and Martin Shubik

Volume 59, issue 3, 1969

$45 Billion of U.S. Private Investment Has Been Mislaid pp. 221-38

Robert Gordon

The Cost of the Draft and the Cost of Ending the Draft pp. 239-54

Anthony C Fisher

Behavior of the Firm under Regulatory Constraint pp. 255-60

Akira Takayama

Tariffs, Intermediate Goods, and Domestic Protection pp. 261-69

Roy J Ruffin

On Measuring the Nearness of the Near-Moneys pp. 270-81

V Karuppan Chetty

Production, Consumption, and Externalities pp. 282-97

Robert U Ayres and Allen V Kneese

Employment and Wages in Rural Egypt pp. 298-313

Bent Hansen

The Interlocking Directorate pp. 314-23

Peter Dooley

The Optimum Lifetime Distribution of Consumption Expenditures pp. 324-30

Lester Thurow

An Axiomatic Model of Logrolling pp. 331-41

Robert Wilson

Price Expectations and the Phillips Curve pp. 342-50

Robert Lucas and Leonard A Rapping

Wages and the Guideposts: Comment pp. 351-54

Paul S Anderson

Wages and the Guideposts: Comment pp. 354-58

Michael L Wachter

Wages and the Guideposts: Comment pp. 358-65

Adrian W Throop

Wages and the Guideposts: Reply pp. 365-70

George Perry

Tax Policy and Investment Behavior: Comment pp. 370-79

Robert M Coen

Tax Policy and Investment Behavior: Comment pp. 379-88

Robert Eisner

Tax Policy and Investment Behavior: Reply and Further Results pp. 388-401

Robert E Hall and Dale Jorgenson

Alternative Interest Rates and the Demand for Money: Comment pp. 401-12

Harvey Galper

Alternative Interest Rates and the Demand for Money: Reply pp. 412-18

Tong Hun Lee

Tariffs and Trade in General Equilibrium: Comment pp. 418-24

Ronald Jones

Tariffs and Trade in General Equilibrium: Reply pp. 424-26

Bo Sodersten and Karl Vind

Exchange Rates, Capital Flows and Monetary Policy pp. 426-32

E. Canterbery

Some Notes on the Elasticity of Substitution pp. 432-35

Frank S T Hsiao

Productivity Growth in Latin America: Comment pp. 435-39

Constantine Michalopoulos

The Two Gap Approach to Aid and Development: Comment pp. 439-46

Henry J Bruton

The Two Gap Approach to Aid and Development: Reply to Bruton pp. 446-49

Hollis B Chenery

Volume 59, issue 2, 1969

History of Economic Doctrines and Economic History pp. 1-17

Alexander Gerschenkron

An Economic Theory of Technological Change pp. 18-28

William Nordhaus

Classificatory Notes on the Production and Transmission of Technological Knowledge pp. 29-35

Kenneth Arrow

Technological Progress and Microeconomic Theory pp. 36-43

Werner Z Hirsch

Theory of Innovation: Discussion pp. 44-46

Evsey D Domar

Theory of Innovation: Discussion pp. 46-49

Joseph Stiglitz

Investment and the Frustrations of Econometricians pp. 50-64

Robert Eisner

Industrial Research and Development: Characteristics, Costs, and Diffusion of Results pp. 65-71

Edwin Mansfield

Market Structure and the Stability of Investment pp. 72-79

Frederic M Scherer

Research and Development, Production Functions, and Rates of Return pp. 80-85

Jora R Minasian

Research and Development and Other Determinants of Investment: Discussion pp. 86

Jora R Minasian

Advertising and the Advantages of Size pp. 87-98

William S Comanor and Thomas A Wilson

Survival-Ability as a Test of Efficiency pp. 99-104

Joe S Bain

Allocative Efficiency and the Limits of Antitrust pp. 105-18

Oliver Williamson

Theory of the Firm and of Market Structures: Discussion pp. 119-21

Richard B Heflebower

Theory of the Firm and of Market Structures: Discussion pp. 121-23

Lester G Telser

The Phillips Curve and the Distribution of Unemployment pp. 124-34

G C Archibald

Improving the Labor Market Trade-Off between Inflation and Unemployment pp. 135-46

Charles C Holt

The New Microeconomics in Inflation and Employment Theory pp. 147-60

Edmund Phelps

Wage-Price Dynamics, Inflation, and Unemployment: Discussion pp. 161-62

Frank Brechling

Wage-Price Dynamics, Inflation, and Unemployment: Discussion pp. 162-64

Otto Eckstein

Wage-Price Dynamics, Inflation, and Unemployment: Discussion pp. 164-67

Richard A Lester

The Representative Farm Approach to Estimation of Supply Response pp. 168-74

Jerry A Sharples

Positivistic Measures of Aggregate Supply Elasticities: Some New Approaches pp. 175-83

Luther G Tweeten and C Leroy Quance

The Supply Function in Agriculture Revisited: Discussion pp. 184-85

Marvin Kottke

The Supply Function in Agriculture Revisited: Discussion pp. 185-87

W Neill Schaller

The Supply Function in Agriculture Revisited: Discussion pp. 187-88

James H White

Social Cost and Government Action pp. 189-97

Gordon Tullock

An Economic Theory of Social Movements pp. 198-205

Albert Breton and Raymond Breton

Lewis Carroll and the Theory of Games pp. 206-10

Duncan Black

Problems in the Theory of Public Choice: Discussion pp. 211-12

Thomas E Borcherding

Problems in the Theory of Public Choice: Discussion pp. 212-14

Allan Schmid

Problems in the Theory of Public Choice: Discussion pp. 214-16

Benjamin Ward

The Efficiency of Programmed Learning in Teaching Economics: The Results of a Nationwide Experiment pp. 217-23

Richard E Attiyeh, George L Bach and Keith G Lumsden

Performance on the New Test of Understanding in College Economics pp. 224-29

Arthur L Welsh and Rendigs Fels

DEEP: Strengthening Economics in the Schools pp. 230-38

John E Maher

The Efficiency of Education in Economics: Discussion pp. 239-40

Lloyd G Reynolds

The Efficiency of Education in Economics: Discussion pp. 240-42

Peter O Steiner

The Efficiency of Education in Economics: Discussion pp. 242-43

Carey C Thompson

Transportation Regulation and Economic Efficiency pp. 244-50

Martin T Farris

Congestion Theory and Transport Investment pp. 251-60

William Vickrey

Transportation and Price Stability pp. 261-69

George W Wilson

Transportation and the Public Utilities: Discussion pp. 270-71

Donald V Harper

Transportation and the Public Utilities: Discussion pp. 271-74

John L Hazard

Transportation and the Public Utilities: Discussion pp. 274-76

Joseph V Yance

The Lag in Monetary Policy as Implied by the Time Pattern of Monetary Effects on Interest Rates pp. 277-84

Phillip Cagan and Arthur Gandolfi

Money and Permanent Income: Some Empirical Tests pp. 285-95

James Tobin and Craig Swan

Economic Development in Historical Perspective pp. 286-400

John C H Fei and Gustav Ranis

Econometric Analysis of Stabilization Policies pp. 296-314

Albert Ando and Franco Modigliani

Monetary Theory: Discussion pp. 315-21

Richard G Davis

Monetary Theory: Discussion pp. 321-23

Donald P Tucker

Real Gold, Dollars, and Paper Gold pp. 324-31

Robert Mundell

Speculations on Gold Speculation pp. 332-43

Fritz Machlup

The Gold Rush of 1968 in Retrospect and Prospect pp. 344-48

Harry G Johnson

The Future of Gold: Discussion pp. 349-51

Edward M Bernstein

The Future of Gold: Discussion pp. 351-53

Fred Hirsch

The Future of Gold: Discussion pp. 353-56

Miroslav A Kriz

Round Table on Exchange Rate Policy pp. 357-60

Gottfried Haberler

Round Table on Exchange Rate Policy pp. 360-62

Henry C Wallich

Round Table on Exchange Rate Policy pp. 362-64

Peter Kenen

Round Table on Exchange Rate Policy pp. 364-66

Milton Friedman

Round Table on Exchange Rate Policy pp. 366-69

Fritz Machlup

The Cost to America of British Imperial Policy pp. 370-81

Peter D McClelland

Economic History: Discussion pp. 382-84

Jonathan R T Hughes

Economic History: Discussion pp. 384-85

Herman E Krooss

The Content of Development Economics pp. 401-08

Lloyd G Reynolds

Instruments and Goals in Economic Development pp. 409-26

Irma Adelman, Marsha Geier and Cynthia Taft Morris

Economic Development: Discussion pp. 427-29

Robert Baldwin

Economic Development: Discussion pp. 429-32

Frank, Charles R,

Economic Development: Discussion pp. 432-34

Carlos F Diaz-Alejandro

The OBE Size Distribution Series: Methods and Tentative Results for 1964 pp. 435-49

Edward C Budd and Daniel B Radner

Measures of Economic Well-Offness and Their Correlates pp. 450-62

James N Morgan and James D Smith

Graduated Works Incentives: An Experiment in Negative Taxation pp. 463-72

Harold W Watts

Problems in the Area of Poverty: Discussion pp. 473-75

Christopher Green

Problems in the Area of Poverty: Discussion pp. 475-76

Harold W Guthrie

Problems in the Area of Poverty: Discussion pp. 476-78

Lester Thurow

The Principle of "Fiscal Equivalence": The Division of Responsibilities among Different Levels of Government pp. 479-87

Olson, Mancur,

Models of Segregation pp. 488-93

Thomas C Schelling

Strategic Interaction and Resource Allocation in Metropolitan Intergovernmental Relations pp. 494-503

Jerome Rothenberg

Round Table on Allocation of Resources in Law Enforcement pp. 504-05

Anthony Downs

Round Table on Allocation of Resources in Law Enforcement pp. 505-08

William Landes

Round Table on Allocation of Resources in Law Enforcement pp. 508-10

Simon Rottenberg

Round Table on Allocation of Resources in Law Enforcement pp. 510-12

Richard B Hoffman

On the Concept and Possibility of Informational Decentralization pp. 513-24

Leonid Hurwicz

On the Comparison of Centralized and Decentralized Economies pp. 525-32

Thomas Marschak

Centralization and Decentralization in Economic Systems: Discussion pp. 533-37

Bela Balassa

Centralization and Decentralization in Economic Systems: Discussion pp. 537

Abram Bergson

Manpower Shortages in Local Government Employment pp. 538-45

Eugene J Devine

Resource Allocation with Probabilistic Individual Preferences pp. 546-52

Richard Zeckhauser

Effects of Taxation on Risk-Taking pp. 553-61

Aiko N Shibata

Resource Allocation with Probabilistic Individual Preferences: Discussion pp. 562-63

David Cass

Effects of Taxation on Risk-Taking: Discussion pp. 563-65

William H Oakland

Manpower Shortages in Local Government Employment: Discussion pp. 565-67

Mark V Pauly

Volume 59, issue 1, 1969

Economics as a Moral Science pp. 1-12

Kenneth E Boulding

Implications of Property Rights for Government Investment Choices pp. 13-24

Louis De Alessi

Rules for Ordering Uncertain Prospects pp. 25-34

Josef Hadar and William R Russell

Bargaining Theory, Trade Unions, and Industrial Strike Activity pp. 35-49

Orley Ashenfelter and George Johnson

A Spectral Analysis of Post-Accord Federal Open Market Operations pp. 50-61

Vittorio Bonomo and Charles Schotta

Reserve Policies of Central Banks and Their Implications for U.S. Balance of Payments Policy pp. 62-77

Helmut A Hagemann

More on an Empirical Definition of Money pp. 78-87

George G Kaufman

Aggregate Production Functions and Types of Technical Progress: A Statistical Analysis pp. 88-101

Martin J Beckmann and Ryuzo Sato

Durability of Consumption Goods: Competition Versus Monopoly pp. 102-07

David Levhari and T N Srinivasan

Customs Union and the Theory of Tariffs pp. 108-18

Sven Arndt

Public Utility Pricing and Output under Risk pp. 119-28

Brown, Gardner, and M Bruce Johnson

The Structure of the Money-Expenditures Relationship pp. 129-37

Sam Peltzman

A Model for Labor Migration and Urban Unemployment in Less Developed Countries pp. 138-48

Michael P Todaro

Implications of Dynamic Monopoly Behavior pp. 149-58

Frank C Jen and Southwick, Lawrence,

Differences in Efficiency among Industries in Developing Countries pp. 159-71

Mark R Daniels

A Note on Uncertainty and Preferences in a Temporal Context pp. 172-74

Jan Mossin

External Diseconomies, Corrective Taxes, and Market Structure pp. 174-77

James Buchanan

A Modified Golden Rule: The Case with Endogenous Labor Supply pp. 177-81

Eric Davis

Excess Burden: The Corner Case pp. 181-83

John G Head and C S Shoup

Some New Results in the Measurement of Capacity Utilization pp. 183-84

Warren Hogan

Urban Poverty and Labor Force Participation: Comment pp. 185-94

Glen Cain and Jacob Mincer

Urban Poverty and Labor Force Participation: Reply pp. 194-98

Joseph D Mooney

"Price" vs. "Tariff" Elasticities in International Trade: Comment pp. 198-200

Wood, G Donald,

"Price" vs. "Tariff" Elasticities in International Trade: Reply pp. 200

Mordechai Kreinin

Country Size and Trade Patterns: Comment pp. 201-04

Bela Balassa

Country Size and Trade Patterns: Reply pp. 204

Donald B Keesing

National Debt in a Neoclassical Growth Model: Comment pp. 205-10

G O Bierwag, M A Grove and Chulsoon Khang

Mixed Public and Private Financing of Education: Comment pp. 210-12

Walter Hettich

Mixed Public and Private Financing of Education: Reply pp. 212-13

Mark V Pauly