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'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 129. are these systems “in the air” today, but I think they will continue to be so, I even think they will constitute the main object of our discussion in the future. If we are discussing the econometrics of the future we have to recognise this, and I will state a personal belief that 100 years from now our grand-children will devote practically all their efforts to the study of those models that deviate from the free market system. They will use only an infinitesimal amount of their energy discussing such things as, say, the stability of the 2quilibrium in a free market system. This is my conception of the >conometrics of the future. A second point that was raised by Prof ALLAIS was regarding social preferences. He objected to these prefe- rences being decided by the responsable political authority. To this { can simply answer that so far there has not been invented any other machinery than the political one, for steering an economy. We have ‘© accept this as a basic datum in our scientific researches. The purpose of this conference is not to go into a complete discussion of political theory and describe the whole list of political system that are conceivable. But some political system there must de and some authority has fo decide in the end. This I take as my starting point. I simply accept the existence of a political authority vhatever its nature may be. A third point mentioned by Prof. Arrais: Who can decide on vhat magnitudes ought to be attributed to the variables? The politician cannot do it because he does not know econometrics. The answer to this question hinges upon the distinction between the gross ind the net form of the preference function. Of course the politician does not know the depth of econometrics. This is precisely why the scientific analyst in his interview with the policy maker has to con- centrate on the gross form of the preference function, on the « Santa Claus » form of the preference function. From the purely psychological point of view you may, of course, interpret the word gross as anything under the sun. But this is not what I have done. l have put up a well-defined model, I have defined my concept of gross and net. So therefore I must say that I find Prof. ALLAIS remark in this particular connection absolutely irrelevant to the di scussion of mv paner. 17) Frisch - pag. 25

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