1204 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28

Nor have we any assurance that the growth rate guessed
at is the optimal one, i.e. the best growth rate obtainable when
the structure of the economy, as well as the special preferences
which have been put up for the course of the economy, are
given. The optimal growth-rate will only emerge as a consequence
 of a rational decision analysis which takes as its starting
 point the preferences and the fundamental data describing
the structure of the economy. To start by target setting, whether
 it be a specific figure for the growth rate of GNP or some
other specific target, is again to put the cart before the horse.
Certainly, we must end up by formulating targets; but
before this, there is a long way to go — namely through the
entire selection analysis.

Note. — The verbatim record of the technical parts of Professor FRISCH’s
presentation is not given here. Nor are the several mimeographed documents
 distributed by Professor FriscH reproduced. This material will
subsequently be coordinated by Professor FriscH and published by him
separately.

"1771 Frisch - pag. 8