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The Collected Scientific Papers of Paul A. Samuelson

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The Collected Scientific Papers of Paul A. Samuelson VOLUME V THE COLLECTED SCIENTIFIC PAPERS OF PAUL A. SAMUELSON Edited by Kate Crowley • (C A<ri N • THE MIT PRESS Cambridge, Massachusetts, and London, England CONTENTS Volume V Author's Preface xi Editor's Preface xii Part I. Economic Theory 293. "Bergsonian Welfare Economics," in Economic Welfare and the Eco- nomics of Soviet Socialism: Essays in Honor of Abram Bergson, Steven Rosefielde (ed.). Cambridge: Cambridge University Press, 1981, 223-266. 3 294. "Reaffirming the Existence of 'Reasonable' Bergson-Samuelson So- cial Welfare Functions," Economica, vol. 44, February 1977, 81-88. 47 295. "When It Is Ethically Optimal to Allocate Money Income in Stipu- lated Fractional Shares," in Natural Resources, Uncertainty, and General Equilibrium Systems: Essays in Memory of Rafael Lusky, Alan S. Bunder and Philip Friedman (eds.). New York: Academic Press, 1977, 175-195. 55 296. "A Chapter in the History of Ramsey's Optimal Feasible Taxation and Optimal Public Utility Prices," in Economic Essays in Honour of J0rgen H. Getting, Svend Andersen, Karsten Larsen, P. Norre- gaard Rusmussen, and J. Vibe-Pedersen (eds.). Copenhagen: Danish Economic Association, 1982, 157-181. 76 297. "Pseudo-Maximization to the Rescue of Derived Factor Demand of a Competitive Industry," in Breadth and Depth in Economics: Fritz Machlup—The Man and His Ideas, Jacob S. Dreyer (ed.). Lexing- ton, Mass.: D. C. Heath, A Lexington Book, 1978, 87-118. 101 298. "St. Petersburg Paradoxes: Defanged, Dissected and Historically Described," Journal of Economic Literature, vol. 15, no. 1, March 1977, 24-55. 133 Contents 299. "Second Thoughts on Analytical Income Comparisons," Economic Journal, vol. 94, June 1984, 267-278. 165 300. "Unattainability of Integrability and Definiteness Conditions in the General Case of Demand for Money and Goods," with Ryuzo Sato, American Economic Review, vol. 74, no. 4, September 1984, 588- 604. 177 301. "Balanced Growth Equilibrium in the General Multi-Class Saving Model," Quantitative Wirtschaftsforschung: Wilhelm Krelle zum 60. Geburstag, Horst Albach, Ernst Helmstadter, and Rudolf Henn (eds.). Tubingen: J. C. B. Mohr, 1977, 569-577. 194 302. "Paul Douglas's Measurement of Production Functions and Marginal Productivities," The Journal of Political Economy, vol. 87, no. 5, part 1, October 1979, 923-939. 203 303. "Rigorous Observational Positivism: Klein's Envelope Aggregation; Thermodynamics and Economic Isomorphisms," in Global Econo- metrics: Essays in Honor of Lawrence R. Klein, F. Gerard Adams and Bert G. Hickman (eds.). Cambridge, Mass.: The MIT Press, 1983, 1-38. 220 Part II. Marx, Keynes, and Schumpeter 304. "1983: Marx, Keynes and Schumpeter," Eastern Economic Journal, vol. 9, no. 3, July-September 1983, 166-180. 261 305. "The Keynes Centenary," The Economist, 25 June 1983, 19-21. 275 306. "The House That Keynes Built," The New York Times, 29 May 1983. 279 307. "Succumbing to Keynesianism," Challenge, January-February 1985, 4-11. 283 308. "Comment [on Axel Leijonhufvud's 'What Would Keynes Have Thought of Rational Expectation?']," in Keynes and the Modern World, David Worswick and James Trevithick (eds.). Cambridge: Cambridge University Press, 1983, 212-221. 291 309. "Schumpeter as an Economic Theorist," in Schumpeterian Econom- ics, Helmut Frisch (ed.). London: Praeger, 1982, 1-27. 301 310. "Schumpeter's Capitalism, Socialism and Democracy," in Schumpe- ter's Vision: Capitalism, Socialism and Democracy After 40 Years, Arnold Heertje (ed.). London: Praeger, 1981, 1-21. 328 311. Foreword to Marx's Economics: Origin and Development, by Al- exander Balinky, Lexington, Mass.: D. C. Heath, 1970, xi-xii. 349 312. "The Normative and Positivistic Inferiority of Marx's Values Para- digm," Southern Economic Journal, vol. 49, no. 1, July 1982, 11- 18. 351 313. "Marx Without Matrices: Understanding the Rate of Profit," in Marxism.) Central Planning, and the Soviet Economy: Economic Essays in Honor of Alexander Erlich, Padma Desai (ed.). Cam- bridge, Mass.: The MIT Press, 1983, 3-18. 359 314. "Durable Capital Inputs: Conditions for Price Ratios to be Invariant to Profit-Rate Changes," Zeitschriftfur Nationalokonomie, vol. 43, no. 1, 1983, 1-20. 375 Part III. International Economics 315. "A Corrected Version of Hume's Equilibrating Mechanism for In- ternational Trade," in Flexible Exchange Rates and the Balance of Payments: Essays in Memory of Egon Sohmen, John S. Chipman and Charles P. Kindleberger (eds.). Amsterdam: North-Holland, 1980, 141-158. 397 VI Contents 316. "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods," with Rudiger Dornbusch and Stanley Fischer, American Economic Review, vol. 67, no. 5, Decem- ber 1977, 823-839. 415 317. "Heckscher-Ohlin Trade Theory with a Continuum of Goods," with Rudiger Dornbusch and Stanley Fischer, The Quarterly Journal of Economics, vol. 95, no. 2, September 1980, 203-224. 432 318. "Summing Up on the Australian Case for Protection," The Quarterly Journal of Economics, vol. 96, no. 1, February 1981, 147-160. 454 319. "Justice to the Australians," The Quarterly Journal of Economics, vol. 96, no. 1, February 1981, 169-170. 468 320. "Interest Rate Equalization and Nonequalization by Trade in Leon- tief-Sraffa Models," Journal of International Economics, vol. 8, 1978, 21-27. 470 321. "Free Trade's Intertemporal Pareto-Optimality," Journal of Inter- national Economics, vol. 8, 1978, 147-149. 477 322. "Analytics of Free-Trade or, Protectionist Response by America to Japan's Growth Spurt," in Economic Policy and Development: New Perspectives, Toshio Shishido and Ryuzo Sato (eds.). Dover, Mass.: Auburn House, 1985, 3-18. 480 323. "Japan and the World at the Century's End," NEXT Magazine, August 1984, 4-15. (Original English version provided for translation into Japanese.) 496 324. "To Protect Manufacturing?" Zeitschrift fur die gesamte Staatswis- senschaft (Journal of Institutional and Theoretical Economics), Band 137, Heft 3, September 1981, 407-414. 510 325. "America's Interest in International Trade," in New England Mer- chants Company, Inc., 1979 Annual, 4-5. 518 326. "The Future of American Industry in a Changing Economy," The Journalist, Fall 1984, 3-5, 19. 520 Part IV. Stochastic Theory 327. "Stochastic Land Valuation: Total Return as Martingale Implying Price Changes—A Negatively Correlated Walk," speech given 19 January 1984, University of California, San Diego. 527 328. "Paul Cootner's Reconciliation of Economic Law with Chance," in Financial Economics: Essays in Honor of Paul Cootner, William F. Sharpe and Cathryn M. Cootner (eds.). Englewood Cliffs, N.J.: Prentice-Hall, 1982, 101-117. 537 329. "Why We Should Not Make Mean Log of Wealth Big though Years to Act Are Long," Journal of Banking and Finance, vol. 3, 1979, 305-307. 554 330. "Economics of Futures Contracts in Basic Macroeconomic Indexes: An Economist's Appraisal," Futures: Policy and Prospects for a Dynamic Market. Washington, D.C.: National Journal, 1983, 43-44. 557 331. "Hanging in There," Newsweek, 13 February 1978, 80. 559 332. "Coping Sensibly," Newsweek, 6 March 1978, 88. 560 333. "Gold and Common Stocks," Newsweek, 21 August 1978, 65. 561 334. "Time to Sell," Newsweek, 11 December 1978, 90. 562 335. "No-Fuss Canny Investing," Newsweek, 4 February 1980, 68. 563 336. "Crackpot Investing," Newsweek, 26 January 1981, 67. 564 337. "Canny Investing," McGraw-Hill Economics Newsletter, Spring 1981. 565 vii Contents 338. Foreword to On the Factorial Approach to Index Number Problems, Consumption Analysis and Orthogonal Decomposition of National Income: A Summary, by K. S. Banerjee. College Park, Md.: World Academy of Development and Cooperation, Special Studies Publi- cation, no. 2, 1985, ii-iv. 570 Part V. Classical Economics 339. "Thiinen at Two Hundred," Journal of International Literature, vol. 21, December 1983, 1468-1488. 575 340. "The Canonical Classical Model of Political Economy," Journal of Economic Literature, vol. 16, December 1978, 1415-1434. 598 341. "Noise and Signal in Debates Among Classical Economists: A Re- ply," Journal of International Literature, vol. 18, June 1980, 575- 578. 618 342. "A Modern Theorist's Vindication of Adam Smith," The American Economic Review, vol. 67, no. 1, February 1977, 42-49. 622 343. "Quesnay's 'Tableau Eco'nomique' as a Theorist would Formulate it Today," in Classical and Marxian Political Economy: Essays in Honor of Ronald L. Meek, Ian Bradley and Michael Howard (eds.). New York: St. Martin's Press, 1982, 45-78. 630 344. "Land and the Rate of Interest," in Theory for Economic Efficiency: Essays in Honor of Abba P. Lerner, Harry I. Greenfield, Albert M. Levenson, Wiliam Hamovitch, and Eugene Rotwein (eds.). Cam- bridge, Mass.: The MIT Press, 1979, 167-185. 664 345. "Correcting the Ricardo Error Spotted in Harry Johnson's Maiden Paper," The Quarterly Journal of Economics, vol. 91, no. 4, No- vember 1977, 519-530. 683 Part VI. Mathematical Biology 346. "Maximizing and Biology," Economic Inquiry, vol. 16, April 1978, 171-183. 697 347. "Complete Genetic Models for Altruism, Kin Selection and Like- Gene Selection," Journal of Social and Biological Structures, vol. 6, 1983, 3-15. 710 348. "Modes of Thought in Economics and Biology," The American Eco- nomic Review, vol. 75, no. 2, May 1985, 166-172. 723 349. "Comparison of Linear and Nonlinear Models for Human Population Dynamics," with Joel Yellin, Theoretical Population Biology, vol. 11, no. 1, February 1977, 105-126. 730 350. "Fischer's 'Reproductive Value' as an Economic Specimen in Mer- ton's Zoo," Transactions of the New York Academy of Sciences, series 2, vol. 39, April 1980, 126-142. 752 351. "Generalizing Fischer's 'Reproductive Value': Linear Differential and Difference Equations of 'Dilute' Biological Systems," Proceed- ings of the National Academy of Sciences USA, vol. 74, no. 11, November 1977, 5189-5192. 769 352. "Generalizing Fischer's 'Reproductive Value': Nonlinear, Homoge- neous, Biparental Systems," Proceedings of the National Academy of Sciences USA, vol. 74, no. 12, December 1977, 5772-5775. 773 353. "Generalizing Fischer's 'Reproductive Value': Overlapping and Non- overlapping Generations with Competing Genotypes," Proceedings of the National Academy of Sciences USA, vol.
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