1212 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2 
12) If I can add one word about the market economy, I would 
say one thing, namely that the people I know who are in favour of 
the market economy are not at all in favour of the market economy 
as such, as it is. They are in favour of a market economy operating 
in an appropriate institutional framework, and if we want to do 
justice to the market economy, I think it is necessary to study the 
institutions of the framework of the market economy very carefully, 
hefore coming to any conclusions. 
As I have read in the FriscH paper, we should not rely on the 
market economy at all, but my conviction is, on the contrary, that 
it is impossible to solve the very difficult and complex problems we 
have to face without some reliance on the market economy. 
It is my convinction that with appropriate rules and in an appro- 
priate framework, a market economy can give reasonable partici- 
pation in the decision-making process to everybody, and to every 
minority. 
13) In conclusion, I greatly admire the scientific work of Pro- 
fessor FRISCH, but I cannot follow him so far as the main themes 
of his paper are concerned. 
For me, FriscH’s paper appears as a long and convincing de- 
monstration of the practical impossibility of planning in Friscw’s 
sense. Nevertheless, I recognize that this isa very personal and 
subjective view. 
But what appears to me as indisputable is the necessity for the 
sconometricians to remain neutral. 
From an objective point of view, it is absolutely impossible to 
define the econometrics of the future bv reference to Professor 
FRISCH’s paper. 
In FRISCH’s sense there are in reality at least two, three or may 
be ten econometrics of the future: the STONE future, the WozD future, 
the ArrAIs future, and so on. 
Thus, in my opinion, it is not desirable to connect econometrics 
with a social philosophy of any kind whatever respectable it may 
be. We Econometricians must, as such, remain neutral, we must 
limit ourselves to the studv of econometrics in itself. 
17] Frisch - pag. 16