SEMAINE D'ÉTUDE SUR LE ROLE DE L'ANALYSE ECONOMETRIQUE ETC. 
883 
In this latter case, a growth in new savings could have 
major beneficial effects. They would however be due not to 
the inadequate volume of savings which had been accumulated 
in the past, but to their defective utilisation in the form of 
economically erroneous investments. 
In a situation of this kind, it is not the global volume of 
accumulated savings which is at issue, but its use in the form 
of non-productive investments. Thus inefficient management 
vather than insufficient capital intensity must be considered 
as providing the explanation of unduly low average producti- 
vity (1). 
[t is thus clear that the important factor is not so much 
the volume of accumulated savings evaluated in terms of the 
number of years national income it represents — which does 
not vary greatly from one country to another, even including 
underdeveloped countries - but the use that these savings 
are put fo 
(!) See my book: A United Europe, the Road to Prosperity (CALMANN- 
LÉvy, 1960), Chap. II, pp. 28 to 38 and 42 to 51 and Appendix € ‘ac: 
to 207) 
Allais - pag. 187