Econometrica Vol. 11 No. 1 1943
Income-Tax Revision: Reply
Abstract
PROFESSOR HOTELLING has not questioned my reasoning, I am glad to note, but only the realism of the hypotheses employed, especially the hypothesis of rapid expansion. It is true, of course, that few such cases of rapid expansion as Henry Ford's could be cited. Nevertheless I believe Professor Hotelling's point is not well taken and for two chief reasons. (1) Though such high rates of expansion are relatively rare, they play a major role in the development of the country. (2) No such high rates are necessary to substantiate the realism of my contentions. As to (1) I will quote from my book' on the subject (which has come out since Professor Hotelling's manuscript was written).
- DOI
- 10.2307/1905720
- Volume
- 11
- Issue
- 1
- Pages
- 88
- Sources
- openalex crossref