SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 
525 
ment, ignoring the very strong and very questionable hypotheses 
from which this demonstration was derived 
MALINVAUD 
[f I have rightly understood Professor HAAVELMO, it seems tu 
me he is comparing situations for which the degree of exogenous 
irregularity in the economic system is not the same. For instance, 
his result according to which the rate of growth would be smaller 
if all the investment were private than if it were public, depends 
on a comparison between a situation in which fluctuations in effec- 
tive demand would come from private investment with a situation 
in which all the investment would be public and steady. If such 
s the comparison, is it quite fair? Should not we compare situations 
in which the degree of exogenous irregularity would be about the 
same? A French economist could well argue that in postwar France, 
fluctuations did not come much from private investment but much 
more from public expenditures including public investments which 
were at times influenced by political changes 
KOOPMANS 
I have just one question. Is the statement that the fraction . 
investment that is private affects the rate of growth dependent on 
the presence of fluctuations in private investment. Or is that state- 
ment reached in a part of the paper where the fluctuation had not 
been introducec’ 
HAAVELMO 
Professor MALINVAUD had a question about cycles in public 1 
vestment. I am studving the effects of a certain kind of ~~lir an 
77 Haavelmo - pag. .