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

SEMAINE D’ETUDE SUR LE ROLE DE L ANALYSE ECONOMETRIOUE ETC. 1 4 in fact in order to feel comfortable in the situation in which he is placed, he would have to be not only an econometrician but an electronic computer as well. He would want to know what quanti- tative consequences his indications of preferences would have in order to feel comfortable about the answers he is giving, I wonder whether a better and a more effective procedure, which would get more effective cooperation, would not be an iterative one. While the policy-maker is being asked to state his preferences, he would be assured that this is for a trial run only and that the outcome of the zomputation is to be presented only to him or to his associates before ‘hese preferences would be considered firm. My second point has to do with the question of preferences being 1ecessarily temporary and having to evolve by experience. It is stated that the broad purpose of planning is, among other things, ‘0 realise the high goals of rapid economic growth and social justice. Of these if would seem to me that social justice is the more permanent one whereas rapid economic growth is a more temporary one. Finally I have a point which is put more in the nature of a question to Prof. FriscH. This has to do with the way in which ‘he steering prices would be used in order to steer the economy. If the production system has constant returns to scale it would seem ‘hat prices are a poor instrument by which to bring about moderate “hanges in quantities. The production set is, in a two-dimensional case, the set of all points that are on or below a way out of the origin. Them for certain price ratios profit maximizing quantities are found in the origin. For other slightly different price ratios, profit is the higher the larger the output.” So in a strictly linear ‘echnology, the response to prices is likely to have a flip-flap cha- racter. Now, one would ask, if the competitive market system that is prevalent in many countries is, in a way, a model for the steering ot the economy by prices, why does that flip-flap behaviour not ma- nifest itself so clearly in the competitive market as I am concerned that it might manifest itself in the steering mechanism that we are discussing. I believe that in the competitive market system prices 4) Frisch - pag. 19

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