Finanzwissenschaft

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Monograph

Identifikator:: 1746729937

URN:: urn:nbn:de:zbw-retromon-119900

Document type:: Monograph

Author:: Földes, Béla http://d-nb.info/gnd/119338211

Title:: Finanzwissenschaft

Edition:: 2., neubearbeitete Auflage

Place of publication:: Jena

Publisher:: G. Fischer

Year of publication:: 1927

Scope:: XIV, 683 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Erstes Buch. Einleitende Lehren

Collection:: Economics Books

318 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 [SARD My comment is general. The paper is excellent, but I miss the regional variable, HaAAVELMO talks about investment programming and yet we know in national economic planning that a basic problem is how to allocate investment among the different regions. I am very conscious, too, of the different investment incentives required in different regions. And so forth. Thus, althoug I do not wish to be critical of HAAVELMO’s excellent statement, I do hope that he and others might perhaps consider sometime in the future in- troducing in a simple wav the regional variable in their model. ALLAIS I must confess I have been provoked by the conclusion of the model according to which the rate of growth is doubled under a regime of public investment. I have searched for the explanation, because, in a model which is mathematically coherent, the expla- nation of the conclusion must lie in the hypotheses adopted. I the- refore have four remarks to make, The first is that there is one apparently absolutely inoffensive hypothesis on page 4. That is, the capacity of the economy to produce is assumed to be proportional to the stock of capital (assumption 1). At first sight that is quite natural and in my paper I intend to stress the fact that the capital output ratio is practically constant and I intend to propose to vou an explanation of this constancy. But, from the practical constancy of the capital output ratio, it is impossible to conclude to any proportionality of real income to real capital and specifically I intend to show that, for a given population and with given technological knowledge, there is a maxi- mum value for real national income whatever the value of real capital. If you make the assumption that population is constant and if you don’t make it explicit somewhere that there is some technical 8] Haavelmo - pag. 16

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