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

PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2! venient time without affecting the composition of the stock of assets at the beginning of the steady-state period. This has enabled me to speak of the assets needed at the beginning of 1970 independently of the distribution of investment through the 1960’s, and thus to make a sharp distinction between the two models. In fact we know that the relationships I have assumed to be fixed do change with time, and therefore that we cannot calculate exactly the assets needed to provide a given capacity at the beginning of the steady-state period until we know the timing of investment through the transitional period. Here again, as in the case of consumption, the problem can only be solved by iterating between the two models. 3. WHY A DUAL MODEL? Questions are sometimes raised about the method I have just outlined. Why, it is asked, do we need two models? Could we not work out a path which would carry consumption into some preassigned rate of growth as soon as possible? My answer is that at the present stage of the work it seems easier to divide the problem into two. With a single model it would be impossible to say in advance when the growth rate of the path calculated by the model would approximate to the growth rate preassigned for the steady state. In other words, it would be impossible to say how long the transitional period would last: the model would be a transitional model without any time limit. Consequently, it would be necessary to take a view on preferences, technology, and other variable factors, for an indefinite time-span in the future. Also, the desire for a single model is sometimes accom- panied by a belief that it must always be possible to move smoothly into a faster rate of growth without ever falling below the initial growth rate of the system. We may hope that this 1] Stone. - pag. 32

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