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

2h

b) Low Variability over Time of the Capital-output Ratio
within the same Country

324. According to the assumption made, the function [(0)
is in variant over time, whence it follows that ©, is a constant,
independent of time (!). This leads to the conclusion that for
any given country, changes in y are the result solely of changes
in ¢, which means that vy should vary but little over time for
any one country (2).
The record shows that this is indeed the case for the U.S.A.
where, considering years in which comparable levels of full
smployment were attained, the coefficient y takes the values
shown below (3).

TABLE =

Year

r880
:890
-000

3.13
3.87
3.69

Period

1880-1900

Period
Average

2.56

Long Period

880-1913:
average: 3.48

1906
[9I0
913

[923
1929
1937

[050
[955
‘056

3.37
3.38
2.44

3-34
3.46
2.88

3.40
3.30
i

1906-1913

1923-1937

1950-1956

2.40

3.56

1880-1956:
average:

3.46

1 § 211, 250 and relation ,23C-5
4) Relation (323-1).
3) ALLAIS. 1962 A, p.

, Allais - pag. L.