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:: The role of capital in economic development / Maurice Allais, Ecole Nationale Supérieure de Mines Paris - France

Collection:: Economics Books

710 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 ing as complete as possible an overall view of the present state of my work on the theory of capital. To the best of my knowledge, there is no comparable equi- valent in current literature, for the approaches adopted else- where have been very different indeed. I would like tc take this opportunity to add that the results of this study, once established, are of great importance from the standpoint of the orientation of economic development po- licy. They show that the capitalistic structure as such has much less importance than is believed by a large segment of opinion. These results are the culmination of a long sequence of deduct- lons, and it is correspondingly important that each stage in ‘he chain of reasoning be solidly established. In order to ease the task of the reader, the main notations and formulations have been grouped together in a summary section which precedes this study (!). Some further basic no- ions which will clarify the approach adopted in the study are given below. The object of the theory of the capitalistic optimum which is given is, on the one hand, to describe the econometric nature of roundabout methods of production, and also to show that we cannot expect, from an indefinite increase of available real capital, an indefinite increase of real national income consumed per inhabitant. The present study aims to show how the in- fluence of real capital on real income can be measured on the basis of a number of fairly weak assumptions. The general model which is presented in part II, and its exponential variant in particular, is shown to be very well borne out by all the empirical data which are at present avail- able — confirmation which relates as much to the assumptions as to the resnlts. () Perhaps the best introduction to this study is my 1962 article in « Econometrica »: AvLrars. The influence nt the Cabital-Outbut Ratio on Real National Income 11] Allais - pag. 14

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