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:: A new theoretical approach to the problems of economic growth / Luigi L. Pasinetti, King's College - Cambridge - Great Britain

Collection:: Economics Books

SEMAINE D ÉTUDE SUR LE ROLE DE L ANALYSE ECONOMETRIOUE ETC. 573 The phase of trade is the first to break through. It can be perceived even as early as at the turn of the first millennium, but more clearly later on, after the Renaissance « opening of the minds » towards the outside world. A few important im- provements in the technique of transportation lead to disco- veries of new lands and extend the horizon of the known world to include countries with climates and products pre- viously unknown. New possibilities of trade open up, with a striking impact on the economic conditions of the whole world. The trading nations are suddenly better off, not because of a rise in world production, but because of a better utilisation of the production which already takes place. Each nation keeps her own institutions and organisational structure of production, but now she can advantageously exchange the products which are proper to her particular climate or localized resources for products which she could never produce or which she could produce only at much higher costs. The material wealth of all peoples is increased just by exchange, by a better spatial allocation of existing resources and products. This is ‘he merchant era, an era which represents perhaps the most outstanding example of how all people can gain from trade. Much slower to manifest itself is the phase of industry, which requires already, and thus presupposes, trade. Industry is a process of augmenting wealth through a material increase in the quantity and number of products, to be reached by the practical application of the advances of science, division and specialisation of labour, better organisation, invention and utilization of new sources of energy and new materials. Unlike trade, industry requires changes in the organisational structure of society. Therefore, it comes about slowly; but progressively. [n fact, it requires long and painful social changes in the rela- lions between men and the means of production before it can fully break out in the English « industrial revolution » of the sighteenth century. Of course, trade remains the natural and necessary complement of industry but, as a cause of further io| Pasinetti - pag. 3

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