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

602 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2& in a certain period of time evidently has different consequences on the stocks of capital goods in the ensuing period. But for the time being, and as far as a short-run analysis is concerned, the composition of demand does not matter. To fulfil condition (I1.10), that is to reach full employment, the only requirement that is needed is that the sum of all types of demand be such as to imply a total expenditure equal to total potential income. What must be added, however, is that the fulfilment of (II.10) is no longer enough, because it only refers to the flow aspect of the system, and thereby implies full employment only potentially. Some other conditions must be fulfilled with regard to the stocks. First of all, there must be enough productive capacity in the system to make it possible to produce what is required bv potential demand. i.e. 11.18) K;>X. , 1=1,2, .... (m-1). Yet this could not be defined a satisfactory situation, if the capacities were far beyond what is required by a full employ- ment demand. We have to impose also the conditions of full capacity utilization, namelv: (11.10) K<X., 1=1, 2, …. (KR -I). It follows that, for the (II.18) and (II.19) to be simultaneously satisfied, all the K;’s must be equal to the X;s. To sum up, two types of conditions are now necessary for the systems (II.o) and (II.13) to hold, namely (II.20) I Sa, ay + San. Ann + > TF Ank, a, = 1 5 aa (11.21) K. — D wv —y Ay sees (mn — I, 10] Pasinetti - pag. 32

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