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

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Title:: Some observations on countercyclical fiscal policy and its effects on economic growth / Trygve Haavelmo, Universitetet i Oslo - Oslo - Norge

Collection:: Economics Books

SEMAINE D ETUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIOUE ETC. 513 initiative concerning investment is left in the hands of private nvestors. It is interesting to compare the two extreme cases &=0 and >=1. In the first case there is no investment activity on the part of the government. The second case corresponds, formally, to a situation where the government is the sole investor. This second case need not, however, be interpreted in such a strict sense. It may well include the case where the government is not actually an investor but merely acts as planning and co- ordinating body for all investments in the community. (In- deed, various fiscal measures, other than a simple policy of deficit spending as discussed above, may well be useful in order to implement such a general investment program.‘ From ‘4.6) we can then draw the following conclusion Conclusion If all investment is private (8 =0), the trend rate of growth will be one half of the trend rate of growth when all investment is public or publicly directed, (8=1). In judging these rather strong conclusions it is, of course, essential that we keep in mind the assumptions on which the results are based. Thus, to mention only one thing, we have not even touched upon the relative merits of technical efficiency of public vs. private investment activity. Nevertheless, the results obtained show a definite tendency to reduced growth because of fluctuations in private investment, a tendency which cannot be waved aside as just a peculiarity of our special model The model has several other rather interesting aspects. Thus, for example, the rate of accumulation of « un- founded wealth » of the private sector will, on the average account for a part of total accumulation which is the larger the higher is the share (- ¢&) of private investment. How thi: Haavelmo - pag. .

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