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 ECONOMETRIOUE ETC. 7 | ‘hat are entering into some from of co-operation. Should some in- dustry be located in country No. 1 in this group; or in country No. 2: Which one of the countries should concentrate on agriculture, etc. There may certainly be differences of opinion in these questions and [ think, I have fully realized this problem and I have made at least one attempt to overcome it. This is presented in pages 28 to 37 in ‘he blue pamphlet. I have written nine pages about this particular problem but you will forgive me for not having been able to squeeze this into my oral presentation. I am referring to the section on the construction of the coalition preference function. So my feeling is that IT have not neglected the question of differences of desires. But somehow such differences must be ironed out if the economy of the country is to be steered and not be left to drift whither the wind blows. It is the task of the political machinery to solve the problem of differences of opinion. We as economists have to accept that solution. Prof. ALLAIS said he had the feeling that this decision problem is solved in the free market system. My answer is that the optimal solution corresponding to the desires of the political authority can never be realized by the free market system, or more precisely there is a probability of measure o that it will be. Why is it so? Because the free market system does not open any possibility of expressing political preferences or preferences of a very special sort. There is a great number of special political preferences. I have mentioned some, I could have mentioned many more. The problems are specific and they are great in number. I would like to see somebody sit down and list a number of these specific preferences and then set out to prove that the free market system will realize all of them simul ‘aneously. Prof. FisHER when he went to the blackboard referred to some specific vertex of the admissible region, and he suggested that we may take this vertex as the starting point for a marginal analysis and discuss the matter of optimality with the policy-maker by start- ng from this vertex. At least that is what I got out of Prof. FISHER’s ‘ntervention. This is very much against what I have tried to say 1 Frisch - pag. 31

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