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:: A new theoretical approach to the problems of economic growth / Luigi L. Pasinetti, King's College - Cambridge - Great Britain

Collection:: Economics Books

614 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - These corrections do not affect the expressions we found for prices — for example the (II.14) — where the technical coef- ficients appear, provided that the wage rate is also referred to a unit of actual working time. They do affect, on the other hand, the expression of the effective demand condition for equilibrium. (This is after all intuitive: the conditions for reaching full employment are evidently different according to the ratio of active to total population and to the length of the working week). Hence, after introducing « and B, (III.o) becomes I I I (III. 11) 3 Sawant (gm) LS an, app =1, which must be considered as a more complete formulation of the effective demand condition for a dynamic equilibrium. +. The dynamic movements of relative prices, physical quan- hlies and other economic variables To find now how prices and physical quantities move as time goes by is a very easy task. As to prices, it can imme- diately be seen from the (II.14) or from the (II.16) that, under the present hypotheses, all their components are constant in time, so that all relative prices remain constant as time goes on. The expressions found for physical quantities on the other hand — the (II.11) or the (II.15) — all contain one compo- nent, namely population, which is increasing at a percentage rate g. Therefore, each physical quantity increases in time at the percentage rate of growth g. Besides prices and quantities, there are other magnitudes in the system which are of economic interest and which are worth considering. The time-paths of two series of them in particular — the amounts of employment in each of the sectors and the production of each commodity at current prices — can [10] Pasinetti - pag. 44

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