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:: Balanced growth and technical progress in a log-linear multisectoral economy / Michio Morishima, Osaka University - Osaka - Japan

Collection:: Economics Books

8 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 MALINVAUD Yes, I understand that it is your immediate intention; but you probably have farther reaching intentions. You want to find new sxtensions of the turnpike theorem; but the final purpose of the exercise is not clear to me, According to the purpose, I would have to look at the paper in different ways. If it is purely descriptive, then we should be careful that the hypotheses provide, at least as a first approximation, a proper description of what happened during the process of growth. [f it is oriented towards planning, then we must look at whether too many constraints have not be imposed; because, if such were ‘he case, the results might have little significance for planning. Thus, I should appreciate if you could say a little more about these broader issues. Perhaps this is not the rule of the game. But Professor MAHALANOBIS induced us to look somewhat beyond the formal aspects of our theories. MORISHIMA Well, in various turnpike theorems so far established as well as in the original voN NEUMANN model, it is assumed that the supply of labour can be expanded indefinitely at the subsistence level of real wages; so that it completely ignores the problem of deficiency of labour, one of the most serious obstacles to a rapid growth. In fact, it is a defect of NEUMANN’s theory of growth that no attention 's paid to HARROD’s observation that the natural rate of growth sets a limit to the maximum average value of the actual rate of growth over a long period. In this study I am concerned with an economy where the plan- ning authorities (or capitalists collectively) make an efficient invest- ment planning to produce, at the end of the programming period, various outputs in desired proportions. If wages were fixed at the subsistence level, capitalists could accumulate stocks of capital goods ‘9] Morishima - pag. 30

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