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THE

QUARTERLY JOURNAL

OF

ECONOMICS

VOLUME XXVIII

CAMBRIDGE, MASS., U. S. A.
PUBLISHED BY HARVARD UNIVERSITY

PRINTED AT THE HARVARD UNIVERSITY PRESS

CONTENTS FOR VOLUME XXVIII

ANDERSON, B. M., Jr. "Unearned Increments," Land Taxes and
the Building Trade. Note

-811

Railroads.
CLARK, J. M. Some Economic Aspects of the New Long and
Short Haul Clause

The Development of Alaska by Government

Note

322

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IV. The Alleged Advantages of Combination

677

JOHNSON, A. S. Davenport's Economics and the Present Prob-
lems of Theory

GEPHART, W. F. Fire Insurance Rates and State Regulation
GRAY, L. C. Rent under the Assumption of Exhaustibility
HANEY, L. H. The Social Point of View in Economics. I, II 115,
HEILMAN, R. E. The Development by Commissions of the Prin-

ciples of Public Utility Valuation

HILL, J. A. The Income Tax of 1913

HOLCOMBE, A. N. Public Ownership of Telegraphs and Tele-

phones. Note

PERSONS, W. M. Books on Business Cycles: Mitchell, Aftalion,
Bilgram. Review

795

Mediation and Arbitration of Railroad Wage Controversies:

A Year's Development

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SUBJECTS

Abraham Lincoln on the Tariff: A Myth. Note. By F. W.

Taussig

Agricultural Credit in the United States. By J. E. Pope
Bernhard's Unerwünschte Folgen der deutschen Sozialpolitik and
its Critics. Review. By L. S. Gannett

British Super-Tax and the Distribution of Income. By A. L.
Bowley.

Business Cycles, Books on. By W. M. Persons. Rewiew
Competitive Price, A Contribution to the Theory of. By J. M.

Clark

Davenport's Economics and the Present Problems of Theory.
A. S. Johnson

Deposit Guaranty, Four Years More of. By T. Cooke

Development of Alaska by Government Railroads.

A. H. Brooks

Development by Commissions of the Principles of Public Utility

Valuation. By R. E. Heilman

PAGE

701

561

255

795

By

417

Note. By

586

269

Depreciation and Rate Control. By A. A. Young
Elsas' Ausnahmetarife. Review. By S. Daggett

630

558

Federal Reserve Act of 1913. By O. M. W. Sprague

213

Fire Insurance Rates and State Regulation. By W. F. Gephart

German Potash Industry, Kartell Movement in.

447

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373

Public Ownership of Telegraphs and Telephones. Note. By A. N.
Holcombe

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THE

QUARTERLY JOURNAL

OF

ECONOMICS

NOVEMBER, 1913

THE TARIFF ACT OF 1913

SUMMARY

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The principle of a competitive tariff,” 1.—“Legitimate dustries, 3. The Tariff Board and the methods of revision, 5.Sugar duty lowered at once, to be abolished after three years, 8. Wool free, 11; lower ad valorem rate on woolens, 13. The probable consequences, 15. — Moderate rates on cottons, 17.- Comparatively high rates retained on silks, 20. — Other changes: pottery (23), iron and steel (24), free list extended (25). - Administrative sections strengthened, to prevent evasion of ad valorem rates, 26.- Many reductions will be only of nominal effect, 28. What the future may bring, 29.

THE Tariff Act of 1913 is described both by friends and enemies as a radical measure. It is said not only to lower duties, but to introduce new methods of assessing them and to rest upon principles essentially different. How far can it be said to make sweeping changes?

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The new principle of which most has been made by the advocates of the act is that of a competitive tariff." In 1909, the Republicans had professed to act on quite a different principle, that of equalizing cost of production. These two have been set forth by both sides as starting from opposite poles in the

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