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:: The analysis of economic systems / Richard Stone, Cambridge University - Cambridge - Great Britain

Collection:: Economics Books

PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 is planning for. With this in mind, we have divided our model into two parts, a long-run model and a short-run model, and a solution comes from iterating between the two. The purpose of the long-run model is to help in choosing a direction and a rate of steady expansion to be achieved from 1970 onwards; and the purpose of the short-run model is to choose a path to this goal. If the model were used for policy-making, it would of course be necessary to take a new view of long-run objectives at regular intervals. Ninth, an economic model should cover all aspects of eco- nomic activity. As it stands at present, our model is restricted mainly to the real side of the national economy, but we are now beginning to extend it into the financial sphere and hope eventually to develop it in other directions as well. Finally, we have started with a purely economic model, conceived on traditional lines, because there we felt on reason- ably firm ground. But we believe that the main motive forces of economic growth are to be found in human abilities and attitudes: organising capacity, acceptance of education and training, response to innovation, labour mobility, and so on. However, we could hardly have begun with these indefinite and on the whole badly documented areas of interest; and in any case it would have been useless to do so until we could embody them in a coherent picture of the socio-economic system. So, naturally enough, we decided to build out from the familiar and to use our working experience as the starting point for our work. Pythagoras’ remark, dgyn 8e tot fjpov mavtog, ‘the begin- aing is half the whole’, applies to social and economic model- building as it does to all complicated human endeavours. The only practical course is to build a prototype and then improve on it in the light of experience and needs. It is fairly safe to say that the modern aeroplane would never have come into being if no aeroplanes had been flown until they were as good as they are today. '1] Stone - pag. 82

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