Index 



293 



nonfederal public development, cont. 

 secondary energy, use of, 259n; 

 tax shifting under, 217, 223, 224; 

 of Willamette River, proposed, 204- 

 206, 206rj 



nonmarketable goods and services, 53, 

 56, 70, 78, 78rj, 134, 153, 160, 163, 

 171, 184, 196. 199, 204; equity and 

 efficiency considerations in financing, 

 270-71, 272; need for public funds in 

 financing, 266 



nonmarketable output, 136 



nonreimbursable costs {see also un- 

 compensated costs and gains), 192 



Norris Dam, 66, 66n 



Northern Pacific Railroad, 59rj 



Northwest, the, 156, 160, 236-60 pas- 

 sim; as producer of primary com- 

 modities, 241; public and private 

 power rates in, 155 



Northwest Power Pool, 155 



O'Gorman, Clare M., vi 

 Ohio Valley, 249-53 passim 

 Oostanaula River, 172 

 operating costs, 35, 36, 163 

 opportunity costs, 68, 75, 84: 

 and accounting costs, 200n; 

 and charges to electric customers, 



220; 

 and factor prices, 32; 

 of factor services, shifting of, 216; 

 of factors, in equilibrium, 52; 

 of nonmarketable water derivatives, 



171; 



of resources during depression, 119; 



of tax-raised federal funds {see also 



public funds, social cost of), 75- 



76, 77. 78, 134, 148, 212, 255: 



assuming a tax cut stimulating 



consumption, 93, 101; 

 assuming a tax cut stimulating 



investment, 102, 117; 

 assumptions underlying analysis 



of, 90; 

 and conditions for efficient public 



investment, 125; 

 derived through individual pref- 

 erences, 125, 142, 147; 

 economic and financial returns 



equaling, 215n 

 estimate of, based on the competi- 

 tive model. 79; 



opportunity costs, cont. 

 of tax-raised federal funds, cont. 

 full employment condition of esti- 

 mates of, 274; 

 and rate of return to federal de- 

 velopment, 215; 

 unmet, approach to treatment of, 



260n; 

 unmet, incidence of, 212-13, 216, 

 224, 232, 262 

 output: efficient level of, defined, 31; 

 national, 122; rate of, 71; time pro- 

 file of, 127; total, 23, 32, 52; total, 

 social valuation of, 77; variations in 

 value of, 43-44 

 Oxbow Dam, 137 



Pacific Coast, 224. 232, 241-64 passim 

 Pacific Gas and Electric Company, 61 

 Pacific Northwest, 247; prime power 



estimates in, 145 

 Pacific Power and Light Company, 



205, 220 

 Patlay project, proposed. 173, 178, 



182n 

 payments in lieu of taxes, 167-68 

 peaking capacity, 156, 183, 206n 

 perfect competition, 18-19, 22, 25, 32, 



52, 189 

 personal income tax {see also under 

 interest rates): 

 incidence by income classes of pro- 

 portionate cut in. 102-103. Table, 

 103; 

 interest payments as deductible 



from. 95; 

 interest receipts, as taxable, %; 

 proportionate change in, and total 

 change in taxes. 229. Table. 230- 

 31; 

 reduction of: 

 and stimulation of consumption. 

 90, 92-101. ,223 {see also Tables, 

 216, 225-27); 

 and stimulation of investment, 90, 

 102-17, 227 {see also Tables, 

 218-19, 230-31, 232) 

 Peterson, John M., vi. 168 

 Pickwick Landing, 66 

 Pigou, A. C, 92n 



pollution abatement, 8. 9. 60-61. 266 

 Portland. Oregon, 202 



