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 con- 
sequence of a rational decision analysis which takes as its start- 
ing point the preferences and the fundamental data describing 
the structure of the economy. To start by target setting, whe- 
ther 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 docu- 
ments distributed by Professor FriscH reproduced. This material will 
subsequently be coordinated by Professor FriscH and published by him 
separately. 
"1771 Frisch - pag. 8