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:: Toward a verdict on macroeconomic simultaneous equations / Herman O.A. Wold, Universitets Statistika Institution - Uppsala - Sverige

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 183 sumptions of interdependent systems, this requirement will actually be fulfilled (1). I welcome very much Professor KooPMANS’ questions about the notion of autonomy. Prof. FRISCH’s original concept of autonomy refers to an economic feature, for example a parameter B, that re- mains invariant when other things change; this concept is closely related to the notion of invariance as formulated in Professor Haa- VELMO's previous comment, Professor KooPMANS refers to auto- nomy in a related sense that emphasizes-the model aspects, a relation being called autonomous if it can be broken out of a model and inserted in some other specified model. In such autonomous rela- tions the parameters could be called autonomous in the sense of the above points (2) and (3). As regards the argument about a change in policy, the autonomy refers to the case when the model builder uses different models before and after the change. In reply to Professor Koopmans, it is my understanding that the notion of autonomous relations is highly relevant for the theory of multirelation models in general, and in particular so for ID, CC and BEID systems. The difference in approach may perhaps call for some slight modification, mutatis mutandis, depending upon what type of model we are considering. Thus for ID systems, the auto- nomy of a behavioural relation would require that it remains the same if it is broken out and inserted in another system which inclu- des those current endogenous variables that enter as explanatory in the autonomous relation. For CC and BEID systems the concept of autonomy might well be generalized somewhat so as to require only that the residual-free part of the relation remains the same when it is inserted in some other model. This Jast remark emphasizes the point I wish to make in (2), namely that the invariants of primary importance in non-experimental model building are directed predic- tors such as (E) rather than joint probability laws. ('} This is however not the whole story, for it turns out that the classic assumptions constitute a special case that covers only a subspace of lower dimension than the entire parameter space: see reference (b) in footnote Wold pag. 69

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