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

680 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - >; to produce it eventually, although in the meantime it may run into various difficulties. These have undoubtedly been important steps in the deve- lopment of dynamic economic analysis. There is in fact nothing in them, which is incompatible with the dynamic mo- del developed in the present work. We may say that they represent a concentration of powerful analytical tools on one particular case: the case of constant returns to scale and no technical progress. Unfortunately, this particular case, elegant and exciting though it may be from a purely analytical point of view, has, on empirical ground, very little practical re- levance. In the foregoing discussion of the relation between the input-output static model and our vertically-integrated dyna- mic model, there is a point to which all the voN NEUMANN types of models can be traced back. It has been said in section 3 that when, from an analysis of a system at a given point of time, we pass over to considering movements through time, the inverse matrix of the technical coefficients, which provides the analytical bridge between the two models, breaks down, because of technical change. All the voN NEUMANN types of models have been an attempt to resist — for analytical purposes — this hard fact; and to maintain that analytical bridge through time by assumption, if nothing else. But such an assumption, convenient though it is mathematically, has clearly nothing to do with the real world. It means omitting deliberately what has been singled out, in our previous ana- lysis, as the basic force responsible for the dynamism of a modern society, namely the process of learning which goes on, both on the technical and the demand side. In point of fact, nne may even question the type of dynamics these models have adopted, which has meant introducing time into a static framework with the careful preoccupation of not affecting the static framework itself. In a sense, time has no importance in these models. since the features of the economic svstem ‘10] Pasinetti - pag. 110

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