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

PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 DORFMAN Professor KooPMANS has asked a very searching question deal- ing with a very central issue. I should like to try to respond to it in two stages. First, it seems to be essential that there should be some rate of discount to be used in comparing results that mature at different times, If there is none, inconsistencies will certainly creep into the governments’ investment program. Different and conflict- ing choices will be made in designing different projects and projects mn different sectors of the economy. In some cases substantial resources will be expended to secure early accrual of benefits, and in others, the opposite choice will be made. The wastes resulting from such discrepancies can be avoided only by applying a uniform rate of time preference to all projects. I believe that Professor Koopmans would subscribe to that, but then he asks where are the necessary rates of time preference to come from. The second part of my response deals with that issue, In some project planning, in the United States, for example, an explicitly formulated rate of time preference is incorporated. More usually there is no explicit rate, but if one reviews the choices made in the project design, often an implicit rate can be discovered. The annals of project design and of legislative debate of projects submitted to legislatures should, I am conjecturing, disclose what these implicit rates of time discount are. I do not believe that there is any economic market from whose behavior the social rates of :ime preference can be ascertained. As a substitute for such a mar- ket, I suggest that we review from this point of view the behavior of governments, and particularly of their legislative branches. VIAHALANOBIS I should agree with Professor Koopmans on technical points which I may briefly mention; but I have got some points of a very different nature. On p. 4, education has been given as a leading 31 Dorfman - pag. 28

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