Journal Article The Degree of Monopoly Get access Rufus S. Tucker Rufus S. Tucker New York City Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 55, Issue 1, November 1940, Pages 167–169, https://doi.org/10.2307/1881673 Published: 01 November 1940

Method of analysis, 548.— Taxable Income, 550.— Spending Power, 552.— Earning Power, 555.— Comparison with total national income, 559.— The Income Tax of 1894, 560.— Civil War Incomes, 561.— Distribution of Taxpayers by Income Classes, 562.— Distribution of Income by Income Classes, 565.— Comparison of Average and Modal Incomes, 567.— Distribution of Incomes of Constant Purchasing Power, 570.— Comparison with British figures, 577.— Shifting Composition of Wealthy Group, 583.— Conclusions and Comments, 585.

Journal Article The Old Americans in 1920 Get access Rufus S. Tucker Rufus S. Tucker Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 37, Issue 4, August 1923, Pages 755–761, https://doi.org/10.2307/1884060 Published: 01 August 1923

Journal Article The British Finance Act, 1920 Get access Rufus S. Tucker Rufus S. Tucker Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 35, Issue 1, November 1920, Pages 167–170, https://doi.org/10.2307/1883575 Published: 01 November 1920

I. The valuation, 795. — Reasons for delay, 796. — Minus site values, 796. — Possibility of taxing builders' profits, 796. — Value of real property in Great Britain, 799. — Accuracy of valuation, 800. — Difficulty of valuing agricultural land, 801. — Other duties of the Valuation Department, 802. — Cost of valuation, 803. — II. The fiscal yield: (1) Increment Value Duty, 804. — (2) Reversion Duty, 805. — (3) Undeveloped Land Duty, 808. — (4) Mineral Rights Duty, 810. — Increased yield of Death Duties, 812. — Other revenue from valuation, 814. — Is it a capital expenditure? 814. — III. Some conclusions: effect on building, 815. — Theory of incidence, 817. — Is an increment duty shown to be impracticable? 818.

In the May number of this REVIEW Mr. Everett E. Hagen made some criticisms of a recent article of mine.' These criticisms I shall here attempt to answer. Mr. Hagen asserts that my assumes a decade of technological stagnation. That is not true; I merely recognize the fact that as defined by the Department of Commerce, is not a measure of the real but is a purely monetary concept, which cannot be reduced to terms of goods and services by means of price deflators, because it includes so many elements that have no price and in recent years so many that would have no value whatever in years of normal peacetime prosperity. It is not a measure of but of expenditures, confusing out of with out of capital, and not distinguishing between productive and unproductive. The gross product is increased by government deficits, no matter for what purpose incurred; the real product, the total of useful goods and services, which is the only proper measure of labor productivity, is not increased by government deficits unless those deficits are incurred for the production and not merely the redistribution of useful goods or services. A reduction in government spending in the next few years would reduce the gross or at least its rate of growth; it would not necessarily reduce and would likely cause an increase in the volume of useful goods and services produced. To a large extent the criticism just directed against gross product applies to national and to a slightly smaller extent it applies also to payments. Income include a large amount of transfer income, not resulting from current production by the recipients or by their property, such as pensions, interest on war debt, and payments by non-income-earning corporations out of their capital. Disposable income eliminates government pensions and interest on war debt in so far as they are paid for out of personal taxes; it also unfortunately eliminates currently productive governmental activities. To the extent that the real can be measured by calculations of income, and disposable income between them come closest to filling the requirements, but neither is as good as consumer expenditures or the sum of consumer expenditures and gross private capital formation. Something also might be said in behalf of gross less government deficits. My optimistic estimate shows the following annual rates of increase from I940 to I950:

pRACTICALLY all of the economists who have published serious discussions of the relation between gold or prosperity and prices have specifically stated that the general price level is not identical with the average of wholesale prices, still less with any single index of wholesale prices.2 Having made this admission they have proceeded to argue to conclusions that can be justified only on the assumption that the general price level is adequately represented by the Sauerbeck or some other wholesale index.