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 ECONOMETRIQUE ETC. However, we may notice that we can no longer stop our ana- lysis at this point in the present model. The fulfilment of macro-economic relation (V.11) is now no longer independent of time and of the structural dynamics which is going on behind all coefficients. 2. Relevance of a disaggregated formulation We may now begin to assess the relevance of the disaggreg- ated type of analysis which has been developed in the previous sages. Condition (V.11) — as said above — states an important macro-economic conclusion, which is the same that has emerged from all macro-dynamic models. But this conclusion now emer- ges as expressing only what appears on the surface of the whole problem of a dynamic equilibrium. Relation (V.11) also implies that — just in order that it may be satisfied as an overall con- ition — a very complex process of structural change must 70 on behind all the macro-economic magnitudes. This struc- tural process is in fact what technical progress means in a modern society. We may note that to have shown the existence, and now lo make possible the analysis, of this process of structural dy- namics is one of the main innovations of the model developed in this chapter. The two simpler models, discussed in chap- ter III and in the first part of chapter IV, could not deal with these problems at all. As the reader will remember, both ‘he capital accumulation conditions and the effective demand condition, in those models, have been assumed to be inde- pendent of time and of the stage of development the system has reached, so that — once defined at a certain point of time — they remained the same for all the time. This meant giving up the possibility of investigating any type of structural dyna- mics, and at the same time it meant frustrating the purpose ‘tself of a disaggregated formulation. 10] Pusinetti - pag. 81

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