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American Economic Review AMERICAN ECONOMIC REVIEW Volume L March 1960 Number 1 Articles Progress Toward Economic Stability .....•..............•.....•......... A. F. Bums Inflation: Cost-Push and Demand-Pull ............................... F. D. Holzman The Inflation-Induced Lag of Wages .................... R. A. Kessel and A. A. Alchian The Pure Theory of International Trade .............................. R. A. Mundell Marx's "Increasing Misery" Doctrine ...•.•........................... Thomas Sowell Review Article On Generalizing the General Theory ..•..... , .......................... A. P. Lerner Communications Devaluation: A Partial Reconciliation .............................. Michael Michaely Distribution Effects of Inflation and Taxation ............................ B. P. Pesek Elementary Economics and Depreciation •.••.•..•......................... C. S. Bell Measuring Success of Elementary Course .............................. S. N. Whitney The AMERICAN ECONOMIC REVIEW, a quarterly, is the official publication of the Ameri­ can Economic Association and is sent to all members. The annual dues are six dollars. Address editorial communications to Dr. Bernard F. Haley, Editor, AMERICAN ECONOMIC REVIEW, Stanford University, Stanford, California. For infonnation concerning other pub­ lications and activities of the Association, communicate with the Secretary-Treasurer, Dr. James Washington Bell, American Economic Association, Northwestern University, Evanston, Illinois. Send for infonnation booklet. JOURNAL OF FARM ECONOMICS Published by THE AMERICAN FARM ECONOMIC ASSOCIATION Editor: HERMAN M. SOUTHWORTH The Pennsylvania State University, University Park, Pennsylvania Volume XLII May 1960 Number 2 Programming Small Watershed Development ....... George A. Pavelis and John F. Timmons Evaluating a Farm Machine Prior to Its Introduction ...... W. D. Toussaint and P. S. Stone The Economic Impact of Technical Assistance: a Brazilian Case Study ............ Clifton R. Wharton, Jr. Southern Forest-Products and Forestry: Developments and Prospects ..•... I. James Pikl, Jr. Estimates of the Aggregate U.S. Fann Supply Function .................. Zvi Griliches Land Substitutes and Changes in Com Yields ................. " ..... Paul R. Johnson Farm Tenure Perspective of Vertical Integration .. , ................•... Walter G. Miller The Influence of "Impulse Buying" or In-The-Store Decisions on Consumers' Food Purchases ....... " ........ , ........... , .... '" '" ........ '" . Jame. Duncan Shaffer Proceedings Papers, Joint Meetings of the American Farm Economic Association and Allied Social Science Associations Additional articles, notes, book reviews, and announcement of new bulletins and other publicntions in agricultural economics. Published in February, May, August, November, and December. $9 yearly. Secretary-Treasurer: C. DEL MAR KEARL Department of Agricultural Economics Cornell University, Ithaca, New York SOCIAL AND ECONOMIC STUDIES A Journal devoted to research, especially in the problems of economic growth, social change, and political action in underdeveloped territories. Among recent papers and publications are the following: The Economy of St. Kitts-Nevis-Anguilla ........................... Carleen O'Loughlin Symposium on the Heport of the Trade and Tariffs Commission ................... ... .......... .. .......... .. H. G. Johnson, W. G. Demas, G. M. Meier, T. Balogh Hevisions, and Suggestions for Deflating Gross Product Estimates ......... Alfred P. Thorne Accelerated Development with a Minimum of Foreign Aid and Economic Controls ..... H. W. Lindholm The Beneficial Effects of Devaluation in Some Underdeveloped Economies .. Alexander Hubner Economic Development: A New Strategy ................................. Lloyd Best A National Accounts Study of the Economy of Barbados ................. Jeanette Bethel Annual subscription per volume £, 1. lOs. Od.; U.S., $4.25; W.I., $7.20 INSTITUTE OF SOCIAL AND ECONOMIC RESEARCH University College of the West Indies, Jamaica, W.I. Manioc in Africa William O. Jones. The first full account of the economic, agricultural, and dietary importance of manioc in con­ temporary Mrica, with information on prices, production costs, and consumption patterns. An account of manioc's rise to prominence as a cash crop sheds light on the African farmer's response to economic stimuli. Illus­ trated with maps and charts. A publication of the Food Research Institute, Studies in Tropical Development, No.2. $6.75 Order from your bookstore, please STANFORD UNIVERSITY PRESS STAFF OF THE INSTITUTE Director MERRILL K. BENNETT L1ssociate Directors KARL BRAND'l' IIOLBROOK VVORKING VVlLLIAM O. JONES, Executive Secretary Consultants JOSEPH S. DAVIS (Director Emeritus) VLADIMIR P. TIMOSHENKO (Professor Emeritus) IIHLEN C. FARNSWORTH, Economist S. DANIEL NEUMARK, Economist E. LOUISE PEFFER, Economist BORIS C. SWERLING, Economist VERNON D. VVICKIZER, Economist RICHARD J.IIAMMOND, L1cting Economist ROGER VV. GRAY, L1ssociate Economist BRUCE F. JOHNSTON, L1ssociate Economist ARNOLD B. LARSON, Research L1ssociate THOMAS T. POLEMAN, Research L1ssociate ROSAMOND II. PEIRCE, L1ssociate Statistician P. STANLEY KING, Cartographer and Editorial L1ssistant Waite Memona\ Book couec.:n Division of Agn01ltural E.c.onOIR SOME RECENT AND OTHER SELECTED PUBLICATIONS OF THE INSTITUTE MANIOC IN AFRICA. William O. Jones. Stanford University Press (1959). 315 pp. $6.75 THE STAPLE FOOD ECONOMIES OF WESTERN TROPICAL AFRICA. B. F. Johnston. Stanford University Press (1958). 306 pp. $6.00 AGRICULTURE AND RECENT ECONOMIC CONDITIONS: EXPERIENCE AND PER­ SPECTIVE. B. C. Swerling. Federal Reserve Bank of San Francisco (1959). 56 pp. $.50 MULTIPLE PRICING OF AMERICAN WHEAT: PRESENT SYSTEM VS. TWO-PRICE PLAN. Helen C. Farnsworth. Food Research Institute (1958). 50 pp. $1.00 THE WORLD FERTILIZER ECONOMY. Mirko Lamer. Stanford University Press (1957)· 715 PJi'. $12.50 THE WORLD'S SUGAR: PROGRESS AND POLICY. V. P. Timoshenko ~nd B. C. Swerling. Stanford University Press (1957). 364 pp. $6.50 COFFEE, TEA, AND COCOA: AN ECONOMIC AND POLITICAL ANALYSIS. V. D. Wickizer. Stanford University Press (1951). 497 pp. $5.00 THE COMBINED FOOD BOARD: A STUDY IN WARTIME INTERNATIONAL PLAN- NING. Eric Roll. Stanford University Press (1956). 385 pp. $7.50 FOOD AND INFLATION IN THE MIDDLE EAST, 1940-45. E. M. H. Lloyd. Stanford University Press (1956). 375 pp. $6.00 FOOD ADMINISTRATION IN INDIA, 1939-47. Sir Henry Knight. Stanford University Press (1954). 323 pp. $7.50 THE SOCIALIZED AGRICULTURE OF THE USSR: PLANS AND PERFORMANCE. N. Jasny. Stanford University Press (1949). 837 pp. $7.50 ECONOMIC INFLUENCES ON THE SOUTH AFRICAN FRONTmR, 1652-1836. S. D. Neumark. Stanford University Press (1957). 196 pp. $5.00 THE CLOSING OF THE PUBLIC DOMAIN: DISPOSAL AND RESERVATION POLlcms. E. Louise Peffer. Stanford University Press (1951). 372 pp. $4.50 Just Published BENEFIT-COST ANALYSIS AND WATER-POLLUTION CONTROL. R. J. Hammond. Food Research Institute (1960). 95 pp. $1.00 .
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