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

692 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 In his anxiety to emphasize the dynamic, ever-changing nature of a production-type economy, Professor PASINETTI does less than justice to many of his predecessors, particularly the members of the neoclassical school ranging from WALRAS and JEVONS to SAMUELSON. They, too, were interested primarily in production rather than exchange, and it is from the nature of production that they deduced their theories of distribution and capital. LEONTIEF, by his own admission, is a lineal descendant of Warras, and LEONTIEF is par excellence a theorist of production. To be sure he is not a theorist of the aspect of production that intrigues PASINETTI: the process by which production engenders technological progress. PASINETTI’s novelty is not that he is concerned with production, but that he is concerned with the evolution of productive techniques. In their effort to understand exchange and production, the older theorists simplified life by assuming away changes in productive techniques. In pursuit of his new interest, PASINETTI claims the same privilege for himself: he wishes to simplify his life by ignoring factor scarcities. It is no objection to point out that this is a radical proposal. But it may be more of an objection to remember that PASINETTI wishes to introduce prices into his system and to explain them, and it is very hard to say what the social significance of prices is in the absence of scarcity. PASINETTI Professor DorFMAN touches upon a really crucial point when, at the very end of his comment, he asks: What is the social significance nf prices in the absence of scarcity? To answer this question, I think we must consider the conclu- sions of the two types of models which have been confronted. In ‘he simplest marginal scheme for scarce goods, quantities are ac- cepted as given by nature and prices emerge as a sort of indexes of scarcity with respect to consumers’ preferences. In the theoretical scheme I am proposing (a theoretical scheme for the lone run) re- 10] Pasinetti - pag. 122

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