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

604 * PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - ~ going to react? The answer depends on the particular institu- tions that the system has adopted. But, as said already, it is not the purpose of the present enquiry to introduce any particular theory corresponding to any specific institutional set-up. The purpose is simply to find and to specify the con- ditions that must be satisfied in any case, if full employment is to be reached. To conclude, when both (II.z0) and (II.21) are fulfilled, then the two systems of equations (II.g) and (II.13) entirely hold. This means that the economic system they represent is in a sifuation which we may call one of equilibrium, an ex- pression simply taken to mean full employment of labour and full utilization of productive capacity. 9. Towards a dynamic analysis The foregoing analysis, after introducing capital, has ac- quired an important characteristic: although still a short-term analysis it is not a static analysis. Even if we suppose that the equilibrium conditions (IT.20) - (II.21) are satisfied, we cannot say that we are at the end of our enquiry. These conditions refer to a certain period of time, but just in order to be fulfilled in that period, they may contain some elements (investments) whose mere existence means modifying in the following period those magnitudes (stocks of capital) on which the previous equilibrium was based. In this theoretical framework, there- fore (unlike what happened in the traditional type of economic enquiries), the attainment of the situation of equilibrium in a given period of time does not mean at all that all problems have been solved. We are inevitably led, by our own analysis, from the in- vestigation of equilibrium conditions in a given period of time, lo the investigation of equilibrium conditions over time. 101 Pasinetti - pag. 34

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