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

208 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 KOOPMANS I share the beliefs expressed by both speakers, Prof. MAHALANOBIS and Prof. MALINVAUD, that the one-commodity study, one-commodity model does a service here in isolating just those problems that come from the open-endedness of the future. Considering those apart from or complications which arise in two- or more-commodity models, I used the term « belief » because I do not feel that a stronger term can be used at this point. One would want to go on to two- and more-commodity models to examine whether that belief is valid but this is my present state of espectation. On the question that Prof. MAHALANOBIS raised about flexibility in the ordering, that idea is merely mentioned at the end of my study. I have given some thought to the possibility of working from an ordering which has built into it the possibility of its own revision at a later time, and more particularly an ordering in which the decision maker is willing to make a present sacrifice of immediate satisfaction in order to leave open more doors in the future. He may, for instance, prefer to build a capital stock of such a nature that it can be applied to a wider range of different kinds of production, even though that kind of capital stock would not be the most econo- mical one if the composition of production in the future were already fully specified. For somewhat longer-range planning this seems to me a matter of practical importance. My speculations on this are in a reference at the end of my paper, identified by the year 1962, and ‘hey did not carry very far. I believe that from the formal point of view it is a difficult matter to formalize this idea. I do find that the need for such an idea is strong enough to justify further forma- lizing effort in that direction. FISHER Prof. KooPMANS has as always presented us with an illuminating and beautiful piece of work. I am, however, disturbed a bit at the conclusions that he wants to draw from it. He has shown that there i4] Koopmans - pag. 74

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