Statistical manual

Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1831009897

URN:: urn:nbn:de:zbw-retromon-222160

Document type:: Monograph

Title:: Statistical manual

Place of publication:: New York

Publisher:: New York Real Estate Securities Exchange

Year of publication:: [1930]

Scope:: 123 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Millinery Center Building (Northeast Corner Seventh Avenue and 38th Street, New York City)

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. DE such an error could not have arisen. This error was a very regrettable one, for in the meantime there was an incentive to invest much money in projects which in fact implied a waste of scarce resources Thank vou. DORFMAN I greatly appreciate the comments. All of them are valid and some deal, of course, with problems that I, myself, encountered in my thinking, but due to defects in my exposition, were not set forth clearly in my discussion. I share with Professor ALLAIS and also with some of the others the feeling that it is extraordinarily difficult to evaluate projects without heavy reliance on prices established in markets. I judge that market prices are much more reliable indicators of social worth than any shadow prices that a group of experts or politicians may establish, and I think that the proposals I have made would not be practical without a substantial substratum of market prices, expecially those dealing with costs and the values of certain salable outputs. But there cannot be reliable free market prices in principle for some of the aspects of the kinds of projects we are here discussing. In particular, this is true of the external consequences of projects, as in the case of education, and of some convenience aspects like those relating to speed and safety, which come up in the design of roads. The shadow prices that I am think- ing of are used to fill in the gaps, so to speak, in the system of market prices. Take the market prices where you have them and be grateful. Where market prices do not exist, we need a device for estimating social values of types of factors and of consequences that are not priced on the markets. I think that this response deals also with the issue that Professor LEONTIEF has raised. I should recommend a very businesslike ap- proach to implementing my proposal, in effect drawing up a pro forma profit and loss account for the project being examined. All inputs used should be included on the cost side. be thev interme- CY | Dorfman - pag. 37

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