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:: On the concept of optimal economic growth / Tjalling C. Koopmans, Cowles Foundation for research in Econimics at Yale University New Haven, Conn. - U.S.A.

Collection:: Economics Books

MONEY 139 the middle “ ’nineties ” prices have been rising. Variation in the purchasing-power of money may be a serious matter. When prices fall constantly the business world may be discouraged and thrown into a state of depression. On the other hand, when prices rise constantly business may become over excited ; and certainly the real incomes of the wage-earning classes are automatically reduced so that discontent is engendered, and an era of disturbance in the distribution of wealth is ushered in. Indeed, there is no economic phenomenon which remains unaffected by an alteration of the purchasing-power of money. The rate of interest will probably be affected— as the reader will understand more fully after studying Chapter VII.—because an anticipated rise in the value of what is saved naturally stimulates saving, while an anticipated fall in its value has the reverse effect. And the relative prices of different classes of securities will undoubtedly shift in a disturbing way. When prices ascend, for instance, the value of shares in property, say of shares in industrial concerns, will ascend, because the value of the property to which they relate, expressed in money, will ascend ; but

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