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:: The analysis of economic systems / Richard Stone, Cambridge University - Cambridge - Great Britain

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. guards he thinks desirable, he accepts the principle of consu- mers’ sovereignty: this means that consumers may spend their money as they please, and the economic system must try to orovide the goods they want and not some other goods. Thus, just as the initiative in model-building lies with the scientist, so the initiative in formulating the objectives lies with the poli- tician. But neither works on his own; each is dependent on social acceptance and the cooperation of others. The combination of a policy with a set of administrative procedures, or what I have called controls, gives rise to a plan. This is where the administrator, both public and private, co- mes in. But he too may delegate his authority and indeed in many cases must do so if the cost of basing all decisions on sufficient information is to be minimised. The relationship between centralised and decentralised decisions has been the subject of recent papers by MALINVAUD 7231 and hv KORNAI and LIPTAK [20], [21]. When the plan is put into practice it comes up against svents and this gives rise to our experience of the part of life with which the plan deals. As a result every element that led to the plan may to some extent be modified. It is inconceiv- able that initially we should have succeeded in building a perfect model, specifying a perfect set of objectives or designing a perfect set of controls. The possibility of these modifications s indicated in diagram 1 by the feedbacks from experience to theories, facts, objectives and controls, from which the effects f experience spread to the model, the policy and the plan. Of course this is a very simplified presentation of a very complicated process. In fact, each stage in the process throws light on the preceding stages as well as on the succeeding ones, and each part of the system interacts to a greater or less degree with most of the other parts, so that actually there is much more feedback between the boxes than is shown in the diagram. For example, the model is to some extent determined bv the ‘11 Stone - pag. 5

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