Index 



295 



private utilities, cont. 



pricing practices regarding commer- 

 cial and private consumers, 243-44; 

 project output distribution under 



development by, 239; 

 rates, establishment of, 155; 

 rates of return to investment of, 192, 



243; 

 reliance on federally developed hy- 



droelectricity, 236; 

 as source of local government reve- 

 nues, 220; 

 tax burden of customers of, 220, 227 



processing costs, 58, 248 



product curves, 27, 31 



product indivisibility, 71 



product market: and consumer budget, 

 21-23; and consumer preferences, 19- 

 21; prices in, 19, 21-22, 22n, 32 



product prices (see also under product 

 market): under imperfect competi- 

 tion, 46; and indivisibility of pro- 

 duction factors, 45; marginal costs 

 equaling, 31-32, 41, 44, 46, 71 



product substitution, 99n 



production costs, average, 58 



production factors, and cost of excise 

 taxes, lOOn 



production function: characteristics of, 

 26-27, Figs., 28, 29; defined, 26; and 

 indivisibility of production factors, 

 43, 44-45, 45n; interdependence of, 

 43-44, 70 



professional income, 104-105 



profit maximization, 26, 31, 37-38, 47, 

 56; conditions, under imperfect com- 

 petition, 46 



profits: and investment decisions, 61; 

 of railroad enterprises, 59; undis- 

 tributed, 210 



project output, probable distribution 

 of, under different developers, 234-39 



propensity to consume, average, 11 In, 

 228 



propensity to save, 33-35, 39; average, 

 228n; marginal, 99n, 109n 



property income, 104, 107-109, Tables, 

 105, 108; dividend component of, 

 228n 



proportionality assumptions, 228, 228n- 

 229n 



prudent investment, 155 



pulilic development (see also federal 

 development; nonfederal public de- 

 velopment): effect of, on power rates, 

 275; not required under Federal 

 Power Act, 134; and private, combi- 

 nation of, 267; and risks in use of 

 taxing power, 273 

 public funds, social cost of (see also 

 federal funds; interest rates; op- 

 portunity costs; rates of return; 

 revenue, public; taxation), 14, 72, 

 72rj: 

 and alternative plans of public river 



development, 190-92, Table, 191; 

 concept of, defined, 85, 88, 125; 

 and consumer sovereignty, 91-92; 

 estimate of, 75-76, 77, 78-79, 90, 101, 

 102, 117, 125. 134, 142, 147, 148, 

 211-12; 

 evaluation qf assumptions of analy- 

 sis, 117-20; 

 level of, during depression, 119; 

 measurement of, method of this 



study. 84-92, 127-30; 

 measures of, 91, 108, 117; 

 and risk-bearing, separated from 



pure interest, 122-24; 

 summary, 273-74; 



and tax reductions stimulating con- 

 sumption, 92-101; 

 and tax reductions stimulating in- 

 vestment, 102-17; 

 under a tight monetary policy, 120- 

 22 

 Public Law 14. 173-74 

 Public Law 436, 175; efficiency require- 

 ments of, 187; cost of flood protec- 

 tion, provisions on compensation 

 for, 192-96; flood control provisions 

 of, 184-87 

 public policies, income redistributive 



consequences of, 196, 200, 276-77 

 public utilities securities, 81 

 public utility districts: in BPA mar- 

 keting territory. 236; co-operative 

 development in Northwest, plans 

 for, 258n; sales of, 237, 237n 

 PUD. See public utility districts 



railways: freight charges on aluminum 

 transport, 249-50, 250n; land grants, 

 60; and load factor, 59; marginal 

 costs of, 251; regional distribution of 



