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Pricing in Publicly-Controlled Industries: U.S.A.

  • John S. McGee
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Part of the International Economic Association Series book series (IEA)

Abstract

Publicly-controlled industries could be defined as all those in which price, outputs, or profits are significantly altered by government policy. Government policies range from subsidy through prohibition. Control is a variant of the power to tax, if taxes can take any negative or positive values, and if two or more taxes can be applied to the same industry at the same time. This definition is useful but perhaps fatally broad. There is also the difficulty that even elegant controls may have no significant effect, or be neatly offset by still other controls. Yet it is clear that effects are what count; and, though it is difficult, the end result should be to establish what they are.

Keywords

Public Utility Monopoly Power Phillips Petroleum Interstate Commerce Commission Motor Carrier 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 2.
    Paul W. MacAvoy, Price Formation in Natural Gas Fields, Yale University Press, 1962, p. 16 (footnote).Google Scholar
  2. 2.
    Robert W. Gerwig, Natural Gas Production: A Study of Costs of Regulation, Ph.D. dissertation, Graduate School of Business, University of Chicago, 1963, pp. 15, 16.Google Scholar
  3. 1.
    FPC Opinion No. 225, In Re Atlantic Seaboard Corp. et al., Docket Nos. G-1384, G-1175. The rule is analysed in great detail in Stanislaw Wellisz, ‘Regulation of Natural Gas Pipeline Companies: An Economic Analysis’, Journal of Political Economy, 1963, pp. 30–43. See also Ralph K. Davidson, Price Discrimination in Selling Gas and Electricity, Baltimore, Md., 1955, p. 145.Google Scholar
  4. 2.
    For the period before 1938, see, for example, I. Leo Scharfman, The Interstate Commerce Commission, in 5 volumes. For later developments see Ernest W. Williams, Jr., The Regulation of Rail-Motor Rate Competition, New York, 1958;Google Scholar
  5. James C. Nelson, Railroad Transportation and Public Policy, Brookings, Washington, 1959;Google Scholar
  6. John R. Meyer, Morton J. Peck, John Stenason, and Charles Zwick, The Economics of Competition in the Transportation Industries, Cambridge, Mass., 1959.Google Scholar
  7. 1.
    ‘Interstate Trucking of Fresh and Frozen Poultry under Agricultural Exemption’, Marketing Research Division, Agricultural Marketing Service, Market Research Report No. 224 (19S8), p. 1; ‘Interstate Trucking of Frozen Fruits and Vegetables under Agricultural Exemption’ (same series as reference above), No. 316 (1959), p. 1; George W. Hilton, ‘Transportation Regulation and Private Carriage’, in a Conference Proceedings volume, Private and Unregulated Carriage (Evanston: Northwestern University Transportation Center, 1963), pp. 13–31; and ‘Barriers to Competitive Rate-making’, ICC Practitioners’ Journal, xxix (1962), 1083–1096. I am indebted to Professor Hilton for pointing out these references.Google Scholar

Copyright information

© International Economic Association 1966

Authors and Affiliations

  • John S. McGee
    • 1
  1. 1.Duke UniversityUSA

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