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

1208 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - Zu 4) The interest of the community is referred to in the introductory text of this study week. But what is the interest of the community? Who will decide what the real interest of the community is? Pro- fessor FriscH would answer: the majority. But in a real democracy there are many questions which cannot be decided by majority votes. Minorities have rights which must be respected. So this question s again very complex, and personally, I cannot see in any com- munity anything other than the superposition of individual interests. And if this position is correct, it would appear to be impossible to replace individual preferences by a single preference function for a whole society. 5) Prof. FriscH has formulated excellently the stress he puts on the relations which must obtain in all cases between the political authorities and the people responsible for planning and he has said that the political authorities can correct the plan or use it in some way. But I would say that, from a practical point of view, this in quite impossible, because politicians are incompetent in econometrics. Who is to decide what the fundamental variables of the model are? Who will decide if the calculations have been made in the right way or not? All these questions are very difficult indeed, What the poli- ‘ical authorities can validly decide is the general rules governing the decisions to be taken. But to the extent that millions of decisions are in question, they cannot be taken by any central agency. And the specific value of a market economy is that it provides a very valuable tool for the organisation of decentralised decisions. At any event, a political assembly can only discuss questions of principle, and decide the general rules governing the decisions to be taken. It can discuss technical plans and economic calculations neither validly nor efficiently. 6) Professor FriscH’s starting point is that the overall purpose of social policy should be the human personality. I agree completely with this principle, but the question is: what are the different aspects of respect for the person? Again, who will decide what exactly is "17] Frisch - pag. 12

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