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. O1y [t goes without saying that, as a straightforward corollary of the above results, all aggregate quantities — like gross and net national income, consumption, saving, investment, capital — increase in real terms, as time goes on, at the same percent- age rate of growth (g) of population. =. Interesting features of the present case of growth The dynamic features of the system considered here, as they emerge from the previous sections, are of an extreme sim- plicity. The merits of this simplicity are entirely attributable to the assumption of a fixed technology and constant returns to scale, which confers on this case all the elegant properties it possesses. With an invariant technology and constant returns to scale, the growth of the system is entirely determined by the rate of increase of population. This growth does not affect the position of any single individual: per-capita income remains constant as time goes on, and economic growth simply means that the system expands all its sections in the same proportion. All products grow, with population, at the same percentage rate, while the structure of the system (its relative composi- tion) remains constant as time goes on. This case of growth is well known, of course, in economic theory. A clear though rudimentary picture of this case can already be found in CassEL (°). Recently, LEONTIEF and VON NEUMANN, although in a different way (*), have based all their well-known dvnamic elaborations exactlv on this case. (°) Gustav CasseL, Theoretische Sozialékonomie, Leipzig, 1918, pp. 2 and ff. English translation: The Theory of Social Economy, London, 1921 Jp. 34 and fi. (®) Both von NEUMANN’s and LEONTIEF’s dynamic models will be discus. sed in more detail in an appendix to chapter VI. 10) Pasinetti - pag. ,

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