Probleme der Wirtschaftsgeschichte

Volkswirtschaftliches Quellenbuch

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Monograph

Identifikator:: 1689561912

URN:: urn:nbn:de:zbw-retromon-101785

Document type:: Monograph

Author:: Below, Georg von http://d-nb.info/gnd/118658085

Title:: Probleme der Wirtschaftsgeschichte

Edition:: 2., photomechanisch gedr. und durch ein ausführliches Vorw. erg. Aufl

Place of publication:: Tübingen

Publisher:: Mohr

Year of publication:: 1926

Scope:: XXIV, 710 S

Digitisation:: 2020

Collection:: Economics Books

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1242 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARTA - 2. additive. This calls for much more complicated methods of selection of the best set of projects. The problem of distributing a given volume of investment over a number of sectors and of regions also takes a different mathematical shape when we adhere to the policy criterion called the layman’s (cf. section 10). In the beginning of our selection process we are now only interested in the poorest region’s income; that is, our weighted sum takes an extreme form, where all other regions have zero weights. After the poorest region’s income has reached a certain level we change the weights. Meanwhile we have already added to other re- gions’ incomes, since as a rule each project bunch will add to the incomes of several regions. With the changed weights our preference for the projects not yet chosen may change. This may make for diversification (that is, non-specialization in the international sectors). We may have to stop our selection of projects at the moment that all available capital has been used. Up to that moment we have not only added, by our choice, to the income of the preferred regions, the poorest, but also to other regions’ incomes. It is not excluded that this « loss » could have been less if we had chosen another order of selec- tion. We only want to mention this point, but we are not going to treat it. Finally there are problems created by the time structure of the investment program. The selection rules we have discus- sed will not, as a rule, simultaneously exhaust the capital avail- able in consecutive years. If this phenomenon assumes dange- rous dimensions we are confronted with the problem of a va- riety of scarce factors — not so far discussed in this paper — requiring the introduction of shadow prices for these factors or equivalent methods. It is beyond the scope of this paper to deal with this aspect. 12. A few concluding remarks will be made on the organiza- tion and procedure of regional development policy. These 18] Tinbergen - pag. 10

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