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 ECONOMETRIQUE ETC. 667 immediately grasped. One of the things by which one is most ‘mpressed, when looking at the real transactions which take place in an economic system, is the great number of interrela- tions among productive units. One’s first instinct is, therefore, to inquire into these inter-industry connections and try to repro- duce them analytically. This is the idea which already under- lay QUESNAY’s tableau economique and which has been deve- loped and given a full empirical content by LEONTIEF. À different approach is taken in the pr>sent model. Not « industries », in the input-output sense, but « sectors » are taken as the basis of the whole investigation. And sectors are defined in such a wav as to be vertically integrated. All inter- relations which can be observed in the real world are looked at as parts of a process which has not yet come to an end. Any process reaches its completion only when the product which comes out is a final commodity (consumption or invest- ment goods). A vertically integrated sector is, therefore, from an inter-industry point of view, a very complex one as it goes through and through the whole intricate inter-industry con- nections. However, from the point of view of the homogeneity of the inputs, it becomes a very simple one, as it eliminates all intermediate goods and resolves each final commodity into its ultimate constituent elements: a (flow) quantity of labour and a (stock) quantity of capital. It may be interesting to recall that the procedure has already been used by LEoNn WAL- RAS in his Elements of Pure Economics. although in a more rudimentary way (%). At a given point in time, between the two ways of looking at the economic system there is really no logical difference. Both models represent the same thing, looked at in a different way. The difference, in other words, lies only in the classifica- ‘ion, and we can pass from the one to the other simply bv an (?) See p. 241 of the English edition of Léon WaLras’s Elements d’éco- nomie politique pure, translated. collated and edited bv W. Jarrè, Home- vood (Ill.), 1053. ‘10] Pasinetti - pag. 97

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