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:: Conclusions

Collection:: Economics Books

248 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 7 the world. In the last analysis, this achievement is probably due to the effective learning process which results from com- bining theories developed by means of mathematics, and thus sharing in the clarity, rigour and power of that subject, with observations of the real world, reduced as far as possible to quantitative terms. Iteration between theory and observation is leading in Econometrics, as in other branches of science, to a systematic body of verifiable knowledge about the real world. Since the Study Week was concerned with applications of econometric analysis, our thoughts on the desirable directions of future research necessarily ranged over a wide area. They can conveniently be summarised under three heads: the ana- lysis of the economy; economic objectives: and instruments of control. A number of important areas of analysis were mentioned as particularly deserving of further study; the role of capital accumulation in economic development; the relationships of education and of scientific research to economic growth; the desirability of introducing to a greater extent than hitherto a regional dimension into econometric models so as to connect the economic structure of a nation with that of its constituent regions; and the urgency of developing techniques of quan- titative analysis suited to the less advanced areas of the world. Emphasis was also placed on the need for the systematic testing of theory against facts in the construction of explanatory, forecasting and planning models, and on the importance of publishing the results of such tests. (Only in this way can the experience of one country serve as a guide to further studies in other countries.) Our discussion brought forcefully to our attention the need for both empirical and theoretical analysis of the social object- ives of economic development, comparable in purpose and quality with current research into technological conditions and economic relationships. Social objectives cannot be deduced

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