Das Finanzsystem des deutschen Reiches in politischer und wirtschaftlicher Beziehung

Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1782637850

URN:: urn:nbn:de:zbw-retromon-178813

Document type:: Monograph

Author:: Westergaard, Harald http://d-nb.info/gnd/117574163; Nybølle, Hans Cl. http://d-nb.info/gnd/127386696

Title:: Grundzüge der Theorie der Statistik

Edition:: 2., völlig umgearb. Aufl.

Place of publication:: Jena

Publisher:: G. Fischer

Year of publication:: 1928

Scope:: 640 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: I. Kapitel. Die Geschichte der Statistik

Collection:: Economics Books

240 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 that, starting from the golden rule path #, £ of the preceding section as a base line, we welcome equally a unit increase in consumption per worker in any one future decade, say. Mere numbers do not give one generation an edge over another in this scheme of values. The next difficulty we face is a technical one. A previous investigation by KooPmANs [1960], continued by Koopmans, DIAMOND and WILLIAMSON [1962], has shown that there does not exist a utility function of all consumption paths, which at the same time exhibits timing neutrality and satisfies other reasonable postulates which all utility functions used so far have agreed with. A way out of this dilemma was shown by RAMSEY [1928]. One can define an eligible set of consump- tion paths on which a neutral utility function can be defined. Moreover, the eligible set is a subset of the feasible set such that the remaining, ineligible, paths are clearly inferior to the eligible ones, in a sense still to be defined. In RAMSEY’S case, in which population was assumed stationary, the criterion of eligibility was a sufficiently rapid approach over time to what he called a state of bliss. This state was defined as either a saturation of consumers with consumption goods, or a satu- ration of the productive system with capital to the point where its marginal productivity has vanished — whichever state would be encountered first. We shall find that in the present case of a steady population growth the golden rule path can take the place of RAMSEY’s state of bliss in defining eligibility. Thus RAMSEY’s device can be applied to our case with what seems a lesser strain on the imagination in regard to situations outside the range of experience. We have one more technical choice to make. For reasons of mathematical simplicity, and at some cost in « realism », we shall model our utility function after the finite-horizon example of /T u(x,, dt 4] Koopmans - pag. 16

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