Reviews of books

Historical Archaeology -     

Book reviews

Australian books

D. C. Dunphy, Cliques, Crowds and Gangs: Group Life of Sydney Adolescents, Cheshire, Melbourne, 1969, pp. 170 + xi, $4.50.

A. A. Congalton, Status and Prestige in Australia, Cheshire, Melbourne, 1969, pp. 160 + xvi, $7.50.

B. R. Davidson, Australia Wet or Dry? The Physical and Economic Limits to the Expansion of Irrigation, Melbourne University Press, Melbourne, 1969, pp. 264 + xiv, S3.60 (paperback), $6.60 (hard cover).

Brian Dickey (ed. and intro.), Politics in New South Wales 1856–1900, Problems in Australian History series, Cassell Australia, Melbourne, 1969, pp. 200 + xv, $3.25.

K. L. Needham, Charles Hawker, Forlib Books, Adelaide, 1969, pp. 165 + xiv, $4.85.

Edward St. John, A Time to Speak, Sun Books, Melbourne, 1969, pp. 280, $1.65.

Egon F. Kunz, Blood and Gold: Hungarians in Australia, Cheshire, Melbourne, 1969, pp. 240, $7.50.

H. Throssell (ed.), Ethnic Minorities in Australia: The Welfare of Aborigines and Migrants, Australian Council of Social Service, Sydney, 1968, pp. 184 + viii, $3.75.

Marnie Bassett, Letters from New Guinea 1921, Hawthorn Press, Melbourne, 1969, pp. 159 + x, $5.50.

Ken Turner, House of Review? The New South Wales Legislative Council, 1934–68, Sydney Studies in Politics, No. 8, Sydney University Press, 1969, pp. 164 + viii, $5.00.

Colin A. Hughes, Images and Issues: The Queensland State Elections of 1963 and 1966, Australian National University Press, Canberra, 1969, pp. 364, $7.95.

Non‐Australian Books

Miles Copeland, The Came of Nations: The Amorality of Power Politics, Weidenfeld and Nicolson, London, 1969, pp. 272, $6.65.

Kenneth N. Waltz, Foreign Policy and Democratic Politics: The American and British Experience, Longmans, London, 1968, pp. 331 +xii, $4.70.     

A BENEFIT-COST ANALYSIS OF A REGIONAL DEVELOPMENT INCENTIVE: STATE LOANS*

The luster of economic growth, the existence of depressed regions, and the fear of competition from giveaway programs in other states have all resulted in state governments adopting a rash of programs designed to encourage a strong manufacturing base for their economy. Many economists feel uneasy about the rapid spread of such industrial incentive programs as tax breaks, government loans, and industrial revenue bonds.¹ The literature of public finance, development, and regional economics contains many interesting studies examining the wisdom of these undertakings. This paper hopes to contribute by developing a method of benefit-cost analysis for appraisal of industrial incentive programs. Even though the model is constructed for and applied to the analysis of state government industrial development loans, the principles formulated should be easily adaptable to the assessment of other types of regional development programs. A secondary objective of the paper is to discuss the first empirical application of a model which accounts for possible differences between the social opportunity cost of foregone investment and that of foregone consumption.²