Study week on the econometric approach to development planning

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Monograph

Identifikator:: 885200373

URN:: urn:nbn:de:zbw-retromon-11321

Document type:: Monograph

Author:: Wetter, Ernst http://d-nb.info/gnd/1051891450

Title:: Die Lokal- und Mittelbanken der Schweiz

Place of publication:: Zürich

Publisher:: Orell Füssli

Year of publication:: 1914

Scope:: 1 Online-Ressource (114 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: IV. Die Funktionen der Lokal- und Mittelbanken

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 653 done by taking the number of sectors as running no longer from 1 to a fixed (»- 1), but from 1 to let us say x(¢), where x(t) denotes a number which increases as an effect of techn- cal progress. Thus condition (V.11) must be written: 'V.12) 1-3) a, (1-6) e (rie | on) App (1-0) a; (1-0) é (rise) Bz az, Ble, All this means that the effects of technical progress on the ef- fective demand condition are twofold. On the one hand, it brings about an average decrease through time of the a,a;,’s referring to the commodities so far produced, and on the other it keeps on adding new coefficients (referring to new commodi- ties). The second tendency may succeed in counter-balancing the first. However, if this counter-balance still does not come about, there is a second way in which condition (V.12) may be kept satisfied in time. That is through a long-run diminishing trend of the right hand side of the equation; namely of the coefficients x and 3. This means a decreasing trend of the working time (i.e. an increasing trend of leisure time), to be achieved by a decrease either of the proportion of active to total population or of the length of the working week. All these conclusions may seem, after all, to boil down to the common-sense proposition that technical progress gives so- ciety a choice between producing more or new goods, and enjoying more leisure. Our analytical formulation, however, just because of its macro-economic implications, reveals so- mething more than that; it evinces the fixed framework within which the choice has to be made. It shows that there is a third slement in the problem — the requirement of keeping full employment — which restricts the choice to those combinations ‘10] Pasinetti - pag. 83

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