As a nation becomes economically developed, the pace of development usually tends to vary between sectors and between regions of the nation. Industrialization usually involves more rapid growth and technological change in some industries than others. Often regional specialization accompanies industrialization, and, in fact, can become an important determinant in the industrialization process. With differential growth among industries, and increasing regional specialization, the performance of the factor markets in mobilizing and reallocating capital and labor among industries and regions becomes extremely important.
During the 1920s, federal personal income tax rates, which had been dramatically increased during World War I, were sharply reduced. These tax rate cuts have often been cited as an example of a successful supply-side policy, but they have also been criticized as policies designed primarily to benefit the wealthy. We argue that a primary motive for the tax cuts of the 1920s was the desire to reduce the tax avoidance by wealthier individuals that occurred as a result of the previous tax rate increases and that the tax cuts enacted did reduce tax avoidance.
That restrictions on real-estate-mortgage lending by banks chartered under the National Banking Act of 1864 seriously restricted availability of long-term financing before 1913, has long been accepted. Professors Keehn and Smiley explain some ways in which resourceful national banks could circumvent this restriction. They find that lending within the letter but outside the spirit of the Act of 1864 was greater than published figures on direct lending indicate.
This paper uses independent real wages, earnings, labor force data, and an examination of Kuznet's 1953 data to explore the recent contention that real per capita incomes for most of the American population declined from 1923 through 1929. It concludes that there is little evidence to support this contention.
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