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of the work of the Central and Southern Florida Flood Control District. The study was partially supported by a small grant from Resources for the Future to the Inter-University Case Program. - Under a research agreement, Maynard 1\1. Hufschmidt, a research associate with the Water Resources Research and Training Program of the Graduate School of Public Administration at Harvard University, is exploring the concept and evolution of the "comprehensive plan" in water resources development. His researches are directed toward finding some answers to a question of immediate and future concern to planners in this field: To what extent can the valid requirements for over-all or compre- hensive water resource planning be met within our political, administra- tive, and institutional framework? - Multiple Purpose River Development was published for Resources for the Future by The Johns Hopkins Press in April. The book, by John V. KrutiIJa and Otto Eckstein, applies economic analysis to the problems of river basin development in a way which makes possible an evaluation of differences in costs and gains and in the distribution of income under differing policies and circumstances. One of the persistent difficulties in assessing the economic efficiency of particular river basin programs has been the fairly general failure to apply a meaningful framework for economic analysis. This the study attempts to provide and then to use in analysis of specific cases. Hells Canyon on the Snake River and the proposed development of the Coosa River in Alabama are used as examples for the authors' method of analysis; and a hypothetical site on the Willa- mette River serves to illustrate their analytical framework for measuring probable effects upon income redistribution. A fundamental part of the authors' analysis is directed toward finding the true social cost of tax-financed federal investment funds. This, they conclude, would represent an interest rate of between 5 and 6 per cent, 3. substantially higher figure than the interest rate actually paid on federal bonds. Applying this analysis to the Hells Canyon Case, they conclude that with such an interest rate, the high dam is not clearly superior to the three-dam development licensed for construction by the Federal Power Commission. On the other hand they find a two-dam plan, which did not receive the consideration accorded the other alternatives, to be clearly superior to the three-dam development, since it provides greater benefits at a smaller total cost. In the case of the Coosa River, their analysis indicates that the Alabama Power Company's plan for development, on an integrated system basis, is likely to be more efficient economically than federal development as proposed by the Corps of Engineers. The economics departments of several universities are using the book in courses or seminars dealing with resource economics, water resources, public utilities, and economic development. 17