SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC.

However, we may notice that we can no longer stop our analysis
 at this point in the present model. The fulfilment of
macro-economic relation (V.11) is now no longer independent
of time and of the structural dynamics which is going on
behind all coefficients.

2. Relevance of a disaggregated formulation

We may now begin to assess the relevance of the disaggregated
 type of analysis which has been developed in the previous
sages. Condition (V.11) — as said above — states an important
macro-economic conclusion, which is the same that has emerged
from all macro-dynamic models. But this conclusion now emerges
 as expressing only what appears on the surface of the whole
problem of a dynamic equilibrium. Relation (V.11) also implies
that — just in order that it may be satisfied as an overall conition
 — a very complex process of structural change must
70 on behind all the macro-economic magnitudes. This structural
 process is in fact what technical progress means in a
modern society.
We may note that to have shown the existence, and now
lo make possible the analysis, of this process of structural dynamics
 is one of the main innovations of the model developed
in this chapter. The two simpler models, discussed in chapter
 III and in the first part of chapter IV, could not deal with
these problems at all. As the reader will remember, both
‘he capital accumulation conditions and the effective demand
condition, in those models, have been assumed to be independent
 of time and of the stage of development the system has
reached, so that — once defined at a certain point of time —
they remained the same for all the time. This meant giving
up the possibility of investigating any type of structural dynamics,
 and at the same time it meant frustrating the purpose
‘tself of a disaggregated formulation.

10] Pusinetti - pag. 81