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 effective
 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 statement
 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. .