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

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L ANALYSE ECONOMETRIQUE ETC. 521 VELMO’s conclusion overlooks the role of capital stock in the model ind therefore overlooks the presence of long-run effects ALLAIS May I add a remark? The conclusion that the rate of growth s greater if we have public investment in the model, is evident without any calculation since Professor HAAVELMO introduces two strong hypotheses. The first, as I have already stressed, is that real national income is proportional to real capital. The second one s the acceptance of an oscillation in K, (formula 4.1), at the same ime making the assumption that public investment is increasing when this oscillation is present. With such an hypothesis, it is vident without any calculation that in the end there must be a greater rate of growth when the volume of public investment is significant. HAAVELMO First, some general remarks. Let me be quite emphatic about my ideas on public investment in this connection. There is no kind of political preference involved, as to who is to carry out invest- ment. Those who actually carry out investment activity might well pe the private sector in all cases. That is, what I call public invest- ment here may just be the part planned, financed or otherwise sup- ported by the government — that doesn’t change my formulae. If, 1s has been suggested, a bigger and better model were developed, his might come out more clearly. I am personally not particularly ond of this kind of simple models, certainly not for planning pur- poses. I have just presented it, as I said, to use it as a base for criticism of a way of thinking. Now for the more specific points — ALLAIS made his points in ‘wo rounds, perhaps we could take them jointly. Given my objective for this paper I don’t think the assumption about production capa Haavelmo - pag. 1g

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