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:: Selection and implementation the econometrics of the future / Ragnar Frisch, Universitetet i Oslo - Sosialøkonomisk Institutt - Oslo- Norge

Collection:: Economics Books

{198 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 I think it is fair to say that the free market system has two advantages: (1) its simplicity and (2) its effort-releasing effect. But it has one fundamental shortcoming: it does not assure the realization of specific preferences, such as a high rate of eco- nomic growth, a distribution of income and wealth based on social justice, aid to special social groups, economic develop- ment of lagging regions within the country, development of special agricultural and industrial sectors (for defense, health or humanitarian reasons) etc. The purpose of wise planning is to realize many such special goals, while retaining as many as possible of the advantages of the competitive system. We wish to search for some better economic system to replace the time-honored system of the free market economy. But in that search, we encounter a ghost that has been haunt- ing all of us for the last generations. It has been the same ghost we have encountered regardless of the direction we have chosen in our search for a better economic system. This ghost is human nature itself. Some people are alert, full of initiative and driving force, full of the active and unsel- fish desire to apply all their abilities to the economic and social betterment of their country and to that of mankind as a whole. But, alas, the percentage of people possessing these virtues is small, very small indeed. Many people are, more or less, dull and selfish and can be induced to make a personal effort only if thereby they can obtain some tangible advantage for them- selves or to the people close to them. In this connection, the economic advantage will often stand in the foreground. Therefore, the historical challenge, facing us as economists and social engineers, is to help the politicians work out an economic system built upon a set of incentives, under the im- pact of which the economic activity will be satisfactory from the viewpoint of the economy as a whole, even if the behaviour of many individuals is essentially selfish. We must find a means of circumventing the human obstacle to human progress. 17] Frisch - pag. 2

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