Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

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Title:: The analysis of economic systems / Richard Stone, Cambridge University - Cambridge - Great Britain

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIOUE ETC. “DELS, POLICIES AND PL.NS MODELS The purpose of building a model of anything is to under- stand how the thing works and, if possible, to make it work better. As BALL has argued [2] in reviewing the model of sconomic growth that I and my colleagues are working on in Cambridge, the great thing is to make a start and to follow this up by intensive work on the less satisfactory components of the initial version. It is a mistake to try to perfect all the components at the outset. Such an attempt may easily result in no model at all, for one never achieves initially a degree of oerfection in the components that makes one entirely happy about leaving them alone. Furthermore, as he says, the ade- quacy of particular types of relationship can never be properly judged in isolation but should be evaluated in terms of their role in the complete model. Our motto. therefore, is solvitur ambulando. [he decisions to be taken in building a model can be grouped under four main headings: a) the variables with which ‘he model is concerned; b) the relationships by means of which ‘he variables are connected and the precise form that these relationships are to take; c) the statistical and other methods oy which the parameters in the relationships are to be estim- ated; and d) the methods of numerical analysis to be used in calculating the parameters and the unknown elements in the svstem. Let us now look at each heading in turn. a) Variables. The basic concepts of economics are pro- duction. consumption and accumulation. to which mav be "11 Stone - pag. 7

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