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:: Econometric analysis for assessing the efficacy of public investment / R. Dorman, Harvard University - Cambridge, Mass. - U.S.A.

Collection:: Economics Books

210 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA and other deviations from competition in the private sector. If the private sector did not exist, those problems would certainly disappear, but they would be replaced by other serious problems, namely the problems of placing rational valuations on the goods and services dealt with in the economy. In effect, there is no com- petitive sector in a centralized economy; every sector is monopolized by one government bureau or another. Whether a centralized eco- nomy can, in some manner, simulate the operation of a private competitive economy is still open to grave doubt — it has not yet seen done. Whether the difficulties presented by an independent market sector or those resulting from the lack of free market prices are the more serious is an empirical problem that I am not in a position to resolve. I am, however, more impressed than Professor MAHALANO- BIS with the inefficiencies that have been experienced when attempts are made to plan an economy without having a frame of reference such as is provided by a system of market prices. MAHALANOBIS I was not referring to a centrally-planned economy of the type in which there would not be any market, I was referring to a centrally-planned economy in which everything which a govern- ment would like to plan, it could, and everything it would like to leave to a market, it could again do so. I was also referring to the difficulties in an economy in which some particular aspects could not be planned, because of institutional factors. JOHNSON There are two comments about the procedure as outlined by Prof. DORFMAN in his ingenious paper. It seems to me that you indicate partly in the manuscript and partly in vour discussion 3] Dorfman - pag. 24

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