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

Structure type:: Chapter

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 ECONOMETRIQUE ETC. 39 WoLD Prof. MAHALANOBIS’ question is important, and my answer is in line with Prof. STONE’s views on the integration between forecasting and objectives. The notion of targets is closely related to the notion of objectives. Reference is also made to the distinction between instruments and targets emphasized in the works of Prof. TINBERGEN. In my brief comments on descriptive, explanatory and forecasting models I was limiting myself to the purely scientific aspects of model building. In the analysis of policy problems we come to a fourth type of model, policy models. A frequent type of policy model specifies different alternatives of policy in terms of objectives and targets to be achieved on the one hand, and instruments to be used on the other. Speaking generally, a nonscientific element enters in the policy model when it comes to the actual choice between the different alternatives of pnlicv MAHALANOBIS Another supplementary question: in meteorology, some experi ments have been made to find out whether rain can be influencea by artificial means. That would bring in —- I take Professor STONE’s point of experimentation. Would such experimentation be included in forecasting? I am trying to get Professor WoLD’s views clear in mv mind. WoLD This question points to the very important distinction between two ways of gathering knowledge: by controlled experiments and by nonexperimental observations. These two ways of getting access to knowledge cut through all levels of scientific model building - - de- scriptive, explanatory and forecasting models. My brief outline was not intended to be complete, and I choose the three areas meteoro. ‘1] Stone - pag. g7

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