INAL STATEMENT

At the conclusion of this Study Week, we should like tu
thank the President, Members and Chancellor of the Pontifical
Academy of Sciences for their initiative in arranging an international
 discussion of the problems of Econometrics and for
their generosity and hospitality in putting at our disposal their
exquisite and unique Casina di Pio IV.
In the course of this Study Week, we have had the opportunity
 to review and discuss many recent developments in
‘he following branches of our subject: macro-economic decision
models and development planning; optimal growth models;
the problem of uncertainty in development programming; the
influence of real capital on the growth of the real national
income; fiscal policy and economic growth; regional planning;
cost-benefit analysis; statistical tools useful in econometric
planning; the foundations of dynamic econometric models in
probability theory, and estimation procedures for econometric
models.
In addition to discussing the prepared papers, we also
considered the paths that future research might profitably
follow. Throughout our meetings, many different points of view
were expressed and opinions varied considerably on a number
of subjects; but general agreement was reached on the following
 statement and proposals.
Although, as an organised science, Econometrics is barely
a generation old, it has already made substantial progress and
is attracting more and more attention and interest throughout