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

Collection:: Economics Books

PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - The earlier writers were aware of such complications, but their first concern was to realise their vision of the economy as a system, not to work out its operating characteristics. MARSHALL said in 1896: « the nineteenth century has in great measure achieved qualitative analysis in economics; but it has not gone farther. It has felt the necessity for quantitative ana- lysis, and has made some rough preliminary surveys of the way in which it is to be achieved: but the achievement itself stands over for you. » During the last fifty years or so, the development hoped for by MARSHALL has slowly gathered momentum and has been accompanied by a great deal of useful theorising. Our first task now is to perfect, in the light of the vast mass of quan- titative information available, the relationships sketched out by our predecessors: production functions, consumption func- tions and so on. But just as the simplifying assumptions of the earlier theorists restrict particular relationships to the point where they cannot be applied, so also do they sometimes restrict the field of phenomena that should be considered in an economic model. Thus our second task is to formulate new relationships wherever experience shows them to be needed. An example of this is the distribution of skills which ac- companies any technique of production. Labour is a factor of production, and everybody recognises that there are many different kinds of labour, which require different kinds of edu- cation and training. Nevertheless, in production functions la- bour is usually treated as homogeneous. This is acceptable as a first approximation provided one it confident that in some unspecified way the right kinds of skill will be produced and flow to that part of the system where they are needed. But will they? Granted that demand tends to create its own supply, may we not find, in a period of rapid technical change, a serious lag between the skills needed for the new techniques and the skills in fact provided by the system of education and training? The answer seems to be « ves ». in which case edu- 1] Stone - pag. 10

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