292 



MULTIPLE PURPOSE RIVER DEVELOPMENT 



market mechanism, cont. 



future, 126; social marginal produc- 

 tivity and benefit-cost analysis, 71-77 



market prices, 19, 31-32, 71, 74, 77 



marketable goods and services, 70, 74, 

 78, 78n, 206 



Martin, Thomas W., 194. 195 



Martin, Dam, 176, 178 



Meade, J. E., 43n 



Meyer, J., 113n 



Middle Atlantic states, 233 



Middle Snake River, 143n, 162, 180 



Millerton Lake, 56 



Mississippi Power Company, 175 



Mitchell Dam, 174, 176, 180n 



Mobile, Alabama, 176 



Mobile Bay, 172 



mobile resources, attraction of, by low 

 power rates, 263, 275 



Mobile River, 172 



modernization loans, interest rates on, 

 95 



monetary policies, 90; during inflation, 

 119; moderate (1955). 119-20; tight- 

 ening of, 120-22 



money costs, differences in. 209, 210, 

 213.264m 



money shortage, periods of, 119 



monopoly: bilateral, 62; franchised 

 private, 46; natural, 266; private, na- 

 tional attitude toward. 13. 70; -privi- 

 leges, granted to utilities, 220; tech- 

 nical, 46 



monopsony, 57-58, 58n 



Moore, Justin H., 212n 



mortgages, 81, 81n, 82, 104; interest 

 rates on, 83, 94, 121 



Morton, J. E., 94n 



Mosteller, F., 123n 



multiple products. 69 



multiple purpose river development 

 (see also Alabama-Coosa river sys- 

 tem; Hells Canyon; Willamette 

 River project): 

 benefits and costs, estimation of. 73- 

 77 (see also benefit-cost analysis); 

 capital intensity of. 142; 

 complementary and competitive rela- 

 tions in. 68-70. 69n 

 and departures from competitive 

 conditions, 53-68; 



multiple purpose development, cont. 

 economic costs and gains of (see 

 costs; gains; public funds; and un- 

 der project in question); 

 efficiency considerations in (see effi- 

 ciency, economic); 

 federal participation in, forms of, 



134; 

 and interdependence of interrelated 



functions, 53, 65-68; 

 necessity for public participation in, 



70. 266-67; 

 under private operation, efficiency 



conditions for, 171-72, 267-68; 

 problems, suggested solutions to, 



271-72; 

 under public operation, efficiency 



conditions for, 125, 273; 

 special marketing arrangements, need 

 of, 271 

 multiplier effects and income redis- 

 tribution, 90n-91n, 118n 

 municipalities: Bonneville power sales 

 to. 236; project output distribution 

 under development by, 239 

 Murphy, Mildred, vi 

 Musgrave, R. A., 90n. 99n. 110, llOn, 



227, 228n, 240n 

 Muth. R. F.. 107, 107n 

 mutual savings banks, 82 



national income. 13, 50, 80, 89; pro- 

 duced by risky investments, 122 

 national output, satisfaction derived 



from, 122 

 navigation (see also inland water navi- 

 gation), 9, 53, 65, 66, 145, 150, 157. 

 163, 169, 172-73, 174, 178 

 navigation costs, compensation for, 193 

 navigation locks, cost of, 182, 182rj 

 Nogee, P., 123n 

 nonfederal public development: 



and accounting cost differences 207- 



10, Table, 208; 

 difficulties of local developer of very 



large projects, 272; 

 distribution of costs under, 217, 223, 



224, Table, 226; 

 distribution of gains under, 239, 257- 



59, Table, 259; 

 income redistribution consequences 



under, summary, 263-64; 

 sacrifice of efficiency under, 206n; 



