290 



MULTIPLE PURPOSE RIVER DEVELOPMENT 



interest rates, cont. 

 single rate, lack of, 79, 83; 

 as used in Hells Canyon efficiency 

 analysis, 167 

 interest receipts, 96 

 intergovernmental tax immunity, 155, 



211,214,217,224 

 interim replacement costs, 167 

 internal economies of scale, 71, 75 

 Internal Revenue Service, 97n, 244, 251 

 intertemporal choices, 92, 126 

 investible funds, supply of, 119 

 investment, net, definition of, 33 

 investment, new, 33, 82 

 investment, private (see also capital; 

 interdependence; marginal costs; 

 marginal rate of substitution; pri- 

 vate development; private utilities; 

 profit maximization; risks; sav- 

 ings): 

 aggregate, determination of, 38-40, 



Fig., 39; 

 in agriculture (1955), 82; 

 and capital stock, changes in, 26; 

 and conventional market channels, 



55-56; 

 of corporations (1955), 81; 

 cost of funds for, 189; 

 decisions: 



cost and marketing factors in, 55- 



56, 153-56; 

 and debt financing, 47-48; 

 plan of operation as factor in, 



156-57; 

 and private vs. social benefits, 153; 

 and profits, 61; 

 socially efficient, 70; 

 and diminishing marginal productiv- 

 ity, 27-30, 31; 

 for diversification, 113; 

 effect of large tax changes on, 89; 

 efficiency criterion for, 73, 73n; 

 in farming, average rate of return 



on, 106-107; 

 foregone rate of return on, 85; 

 foreign, 82; 



funds, total demand for, Fig., 38; 

 internal, 119; 

 investment indivisibility, 55-56, 67- 



68; 

 by large corporations, effect of tax 

 cut on, 112-15, 117; 



investment, private, cont. 

 marginal efficiency of, 35-36, 38, 39, 

 99n; 

 median, 106; 



private and social, 64, 72; 

 opportunities: 



complementary, 67-68; 

 interdependence among, 37-38; 

 and public funds, 73n; 

 and rates of return, 36-37, 60; 

 variety of, 35; 

 in reclamation, 59-60; 

 by small corporations, effect of tax 



cut on, 115-16; 

 stimulation of, 90, 102-17: 



by reduction in corporation in- 

 come tax, 110-17; 

 by reduction in personal income 

 tax, 102-10; 

 of unincorporated business (1955), 

 81-82 

 investment, public (see also federal 

 development; nonfederal public 

 development): 

 in construction (1955), 82; 

 decisions, basis for, 78, 78n; 

 efficiency conditions for, 125, 273; 

 estimated costs of capital for, 93, 



101, 102, 117; 

 estimated costs, evaluation of, 117- 



20; 

 financing by taxation, 77, 84; 

 as a loan by society to itself, 88, 89; 

 and redistribution of income toward 



the future, 126; 

 and risks, 122-24; 



use of low interest rate in evaluat- 

 ing, 125-27 

 investment, total gross (1955), 80-83, 



Table, 80 

 investment criterion for evaluating 



projects, 142n 

 investment incentives, 113 

 irrigation: gravity-flow, 56; interde- 

 pendence and indivisibility in, 53, 

 56-60; risks in financing, 124 

 irrigation acreage, 146n, 148rz, 150n, 



168, 169 

 irrigation farmers, 59, 59n 

 irrigation withdrawals, 144 

 Itschner, Major General E. C, 185«, 

 186ri, 189n 



