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

Collection:: Economics Books

PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - added, since national economic systems are never isolated, foreign trade. The variables relevant to these concepts can, as everyone knows, be set out in a system of national accounts. These accounts have the merit of all accounts: their entries satisfy certain arithmetic and accounting identities. The entries in accounts are values: sums of money. If an entry relates to a product, whether final or intermediate, or to a primary input, it can be decomposed into a quantity and a price. Thus values, quantities and prices have their places in an accounting system. Consistency requires, therefore, that we set up at least the main variables in our model within an accounting framework. The technique of doing this is called social accounting and consists essentially in subdividing the national accounts. For example, in input-output analysis we subdivide the national production account so as to provide a separate account for each group of commodities that the economy produces. When we start doing this we find that different parts of the economy habitually use different systems of classification. Our system of social accounts should accommodate these different classi- fications and show how they are reconciled. In this way we can establish behavioural or technical relationships for different parts of the economy which reflect the categories habitually used by each part. For example, private consumers’ expen- diture is usually expressed in terms ot a classification of goods and services which follows the lines of a consumer’s shopping list; and public consumers’ expenditure is usually expressed in terms of various purposes, such as education, health and defence. Neither of these classifications has a one-to-one cor- respondence with the industrial classification of products, and these products, in turn, are not in one-to-one correspondence with the industries in which they are produced. Consequently, if we wish to be able to establish relationships for the compo- nents of each of these categories we must make sure that each 1] Stone - pag. 8

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