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

SEMAINE D ETUDE SUR LE ROLE DE L ANALYSE ECONOMETRIQUE ETC. 30, proposed by the authorities is accepted by capitalists; so that they may make a plan requiring that all capitalists’ income is automat ically reinvested. It is true that our assumption does not well fit any actual eco- nomy unless all industries are nationalized; in fact, in a mixed eco- nomy there are private and public sectors. The planning authorities will push forward their plan mainly through public sectors, while private sectors can act against it. It would, however, be beyond ‘he present state of our techniques to establish the turnpike theorem n a mixed economr PASINETT: [ have some doubts on Professor MorISHIMA’s paper, which du not concern, of course, the mathematics of it (which is admirable) out its assumptions and thus its bearing on the type of world in which we live. Professor MorisHIMA’S model is intended to be a development of that of voN NEUMANN, and in order to explain mv doubts, it may be useful to compare the two models. Von NEUMANN, as we know, was concerned with a hypothetical society in which there is no technical progress and economic growth :akes place at constant technical coefficients; relative prices as well 1s per-capita incomes remain constant as time goes on. In such conditions, no assumption is necessary about individual preferences, which can be accepted as given, whatever they may be. (It is only necessary to assume that people are, by and large and irrespective of time, of the same type). Such a scheme thus happens to have ‘he mathematically interesting property that balanced growth (i.e. expansion of production of each commodity according to the income- elasticity of total demand for it) is a proportional economic growth. I have had the opportunity of arguing myself in the paper I nave presented to this Study Week, that the economic expansion which von NEUMANN has considered is a very unrealistic type of zconomic growth. Yet, I would take voN NEUMANN’S model as a very important first analytical sten And I should always look 61 Morishima - pag. 33

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