Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

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Title:: The rates of long-run economic growth and capital transfer from developed to underdeveloped areas / Wassily Leontief, Harvard University - Cambridge, Mass. - U.S.A.

Collection:: Economics Books

1058 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 25 I believe this point is absolutely independent of the model given by my paper, but it is in the framework of this model that my view can be put most clearly. In the model, the conclusion is reached that the capital-output ratio must be practically constant. Nevertheless, the conclusion is reached in the same model that there is a maximum value for real national income, whatever the level of real capital. Mav I recall that in my model. in the exponential case. C9 (relation 251-6) R I1+0 7 where y is the capital output ratio, C the nominal value of capital, R the nominal value of the national income, à the rate of interest and 0, a constant whose order of magnitude is 4. For small values of 1, vy is practically a constant. But we also have in the exponential case K. & (relation 251-15) where R is the real value of the national income, and k the coeffi- cient of homogeneity of the production function. Rg, is the maxi- mum value of R for T=0, R has a maximum whatever the value of C. Nevertheless y varies little over the usual range of variation of i. Here, therefore, is at least one system of consistent hypotheses and mathematical deductions in which there are at the same time two valid propositions. The first is that when the rate of interest is small, the capital output ratio is practically constant. 131 Leontief - pag. 20

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