SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. wi. 
2h 
b) Low Variability over Time of the Capital-output Ratio 
within the same Country 
324. According to the assumption made, the function [(0) 
is in variant over time, whence it follows that ©, is a constant, 
independent of time (!). This leads to the conclusion that for 
any given country, changes in y are the result solely of changes 
in ¢, which means that vy should vary but little over time for 
any one country (2). 
The record shows that this is indeed the case for the U.S.A. 
where, considering years in which comparable levels of full 
smployment were attained, the coefficient y takes the values 
shown below (3). 
TABLE = 
Year 
r880 
:890 
-000 
3.13 
3.87 
3.69 
Period 
1880-1900 
Period 
Average 
2.56 
Long Period 
880-1913: 
average: 3.48 
1906 
[9I0 
913 
[923 
1929 
1937 
[050 
[955 
‘056 
3.37 
3.38 
2.44 
3-34 
3.46 
2.88 
3.40 
3.30 
i 
1906-1913 
1923-1937 
1950-1956 
2.40 
3.56 
1880-1956: 
average: 
3.46 
1 § 211, 250 and relation ,23C-5 
4) Relation (323-1). 
3) ALLAIS. 1962 A, p. 
, Allais - pag. L.