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 ECONOMETRIQUE ETC. 501 We might say that there is also another stock in the system, at the beginning of the period we are considering, namely po- pulation. This stock, however, for economic purposes, is not relevant as such, i.e. as a stock (except in a slave society, which is outside our interests). Its economic relevance is con- nected only with the flows it calls into being. Let us come, therefore, to consider these flows. As in the previous case, all the members of the community are grouped in a final sector #. This final sector provides the labour services to all productive processes and owns the stocks of capital. Moreover, it exerts the demand for all the final goods, which are now of two types — consumption goods and investment goods. The flows of consumption goods, as before, come from ‘n — 1) consumption goods sectors. In addition to these, we have now a whole series of flows of investment goods, which will be denoted with the suffix k. As a first step to the more general formulation of section 7, we shall assume that capital is required only for the production of consumption goods, while capital goods can be produced exclusively from labour. Since the unit of measure of capital is different for each consumption good sector, the process for the production of capital goods must itself be expanded into (# - 1) sectors. Our system the- reby acquires (z - 1) new variables: Xp,o Xi,» oor Xi,» cach of which represents the production of capital for the correspond- ing consumption goods sector. This production of capital goods s devoted partly to new investment (expressed by demand coefficients in the final sector: a, ; ns Ayn, @ ,) and partly ‘0 replacement of worn-out capacity (expressed by replacement coefficients : Ak,1> 4,2 +++» @p,_,n-1)- Hence the whole struc- cure of physical flows can be represented by the following system of equations, which takes the place of (II): 10] Pasinetti - pag. 21

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