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

Structure type:: Chapter

Title:: The analysis of economic systems / Richard Stone, Cambridge University - Cambridge - Great Britain

Collection:: Economics Books

56 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 25 where Z = [WOW] and h = {b* b**}, The least-squares estimator, h,, of h is (IV.49) h, =(Z', 27! Z'w Given %;, we can return to (IV. 38), replace b*, and b**, by b*, and b**, and calculate the next approximation to g, namely g,= {}c*,:c**,{. If we continue in this way until the estimates cease to change, we shall have reached a solution. We can see from (IV. 44) than W;, is a scalar matrix, and 50 in estimating » the system of equations breaks down into a set of single equations. From (IV. 37) we can see that Y , is not a scalar matrix, and so in estimating g we are, in effect, obtain- ing average values derived from all the equations. From ‘IV, 20) we can see that bp appears as a separate term on the right-hand side, and so, since p’e=p, it follows from the adding- up theorem that the constraint ’b=1 is automatically satisfied by the more complicated form in (IV. 21). Further details of this procedure and of the results and orojections obtained by it for the eight expenditure groups are given in [39] [45]. We are at present working on combining these estimates with those obtained from family budgets and on analysing the components of each main group by the same procedure. Until this work is completed we have to use more rough and ready methods. What we do is to estimate the levels of expen- diture on the components of each main group by reference to their changing relative importance within the group; for example, within the food group the proportion spent on bread and cereals tends to fall with time, whereas the proportion spent on meat, fruit and vegetables increases at a rate well above the group’s average. We also try to allow subjectively for the tempo of substitutions, such as an acceleration of the substi- tution of electricity and oil for coal as domestic fuels. 1] Stone - pag. 64

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