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

564 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 MAHALANOBIS I shall not speak on many of the detailed aspects of this particular model, because I am not competent to do so. The treat- ment of an important question by a very simplified model, I believe, throws some light on policy decisions. Also, I should like to raise one question, not with reference to the particular model just now discussed, but of a broader nature, which is of importance to an underdeveloped country like India, as distinguished from Japan and advanced countries, regarding the usefulness of complicated models generally. 1 should like briefly to mention our experience that when some complicated models are used, the question of unreliability of data becomes of crucial im- portance; Dr. JoHNSON has drawn attention to this point in his paper, and Professor LEONTIEF has also referred to it earlier. In another intervention I tried to indicate two gaps between the world of reality and the model. Firstly, the gap arising from the lack of availability or the lack of reliability of data; and secondly, another gap between the data and the model. These are questions, of course, of a very general nature, which however deserve serious attention of econometricians. KooPMANS I appreciate the support of Prof. MAHALANOBIS for what I tried to say earlier. At the same time I do not go as far as he does if I understand what he said to mean that there is something wrong in complicated-ness itself. I think we are entitled to make our models as complicated as we can manage as long as by that extra complica- tion we obtain added insight, and the extra complications do not prohibit communication of the findings. We are working at the frontier of our collective understanding of these problems, and while altimately we hope to end up with models that reflect reality better 9] Morishima - pag. 36

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