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

520 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 troduced in the form of a « rate of technical progress », which has been treated exactly like, and svmmetricallv to. the rate of population growth (?). Unfortunately, this approach has been accepted rather un- critically so far. It is my purpose to criticize and abandon it. But before doing so, I must invite the reader to take a closer look at all the implications that this approach entails. Our disaggregated formulations will turn out to be very useful in this task. As said above, any macro-economic analysis implies that all variables considered are measured in terms of a composite commodity or « basket of goods » of fixed and invariable com- position through time. Therefore, unless the macro-economic framework is given up altogether, the introduction of a rate of technical progress in such an analysis necessarily implies two further and much more specific assumptions: 1) that techn- ical progress is going on at the same rate in all sectors of the economy; and 2) that demand for each product is expanding at the same rate. Let us carefully consider a hypothetical case of economic growth in which these two assumptions are satisfied. theory. The first type of models is perhaps best represented by: J. Ro- BINSON, The Accumulation of Capital, London, 1956, and N. KALDOR, A Model of Economic Growth in « The Economic Journal », 1957. The most representative examples of the neo-classical models are perhaps: R.M. SoLow, À Contribution to the Theory of Economic Growth in « The Quarterly Journal of Economics », February, 1956; and J. Meape, 4 Neo- Classical Theory of Economic Growth, London, 1961. (*) In the present and following chapters, we shall normally consider percentage, i.e. relative rates of change. However, for brevity’s sake, and following what has by now become a custom, in economic literature, the words percentage or relative will normally be omitted, except in those cases where their omission may generate misunderstanding. 10} Pasinetti - pag. 50

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