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

106 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 ALLAIS This is the same difference as that existing in pure and in applied science. The model is neutral if it constructed by a scientist who has a non-emotional attitude to it, has no ideological aims, and who does not include views on what ought to be at the base of his construction. The model is neutral if it aims to describe and explain the facts. It is no longer neutral once it is intended to act on the facts, and this is the reason for my complete acceptance of Prof. FriscH’s term- inology, distinguishing between explanatory, forecasting and deci- sional models. Decision must not be confused with explanation, and neither decision nor explanation should be confused with forecasting; these are different things. During the discussion I was struck by the fact that several speakers appeared to have been mainly guided by decisional considerations when constructing their models. [LEONTIEF Our discussion seems to reveal the existence of two different, not to say, opposite approaches to the choice and formulation of economic models. Some favor a fully integrated approach associated usually with the concept of a decision model. The so-called objective function, the description of all structural and behavioral relationships and even the methods of statistical estimation of relevant parameters are viewed in this case as interdependent parts of a single tightly ‘ntegrated system. A change in any one of them requires, ac- cordingly, modification of all the others, In another alternative ap- proach, the description of basic structural relationships, the estima- tion of relevant parameters and the choice of relevant objective functions are approached as three interrelated, but separable problems. A change or a modification in the solution of one of them does not necessarily require in this case a corresponding modifica- tion of the solution of the two others. Although the first approach appears to be more elegant, the second might prove to be more useful since it permits replacement or 1] Stone - pag. 104

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