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 ETUDE SUR LE ROLE DE L ANALYSE ECONOMETRIOUE ETC. 625 The first one refers to methods of analysis. If the assump- tions embodied in the two cases of economic growth considered above were acceptable, then there would not really be much gain of insight into the working of an economic system by using a disaggregated model. The merit of such a model would only be to show the structure of the system at a given point of time. But since this structure remains the same for ever, the dynamics of the system is always uniform, which means that no extra information can be obtained by disaggregating. In other words, a macro-economic formulation would be by itself sufficient and satisfactory. The second conclusion is of a much more practical relev- ance. If the assumptions embodied in the two cases of economic growth considered above were to correspond, even roughly, to what in the long run is happening in the real world, then any oreoccupation about problems of economic growth would be entirely unjustified. The model considered above amounts in fact to saying that economic growth as such does not present any problem at all. The only thing that in any economic system is to be done is the setting up of that particular struc- ‘ure which is most desired — the only constraint being that it must satisfy relations (IV.5) and (IV.6). This is a once-for-all problem. Once this structure has been set up, no problem exists any more. Thereafter, the system will expand for ever, keeping proportions constant. Attractive though the first conclusions may be, the second one is so much in a striking contrast with everyday experience and with the economic policies of all Governments, that it should immediately lead one to infer that there must be so- mething wrong somewhere. And it is my contention that this something wrong is to be found exactly in the hypothetical case of economic growth considered in the previous section. To substantiate this assertion will require all the rest of the present chapter. 10] Pasinetti - pag. 55

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