LONG-TERM MODELS OF THE JAPANESE ECONOMY
LONG-TERM MODELS OF THE JAPANESE ECONOMY
复制标题
日本经济的长期模型
DOI:
10.11398/economics1950.20.3_41
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发表时间:
1969
期刊:
影响因子:
--
通讯作者:
K. Yoshihara
中科院分区:
文献类型:
--
作者:
K. Yoshihara
In the postwar period a great amount of interest was generated in obtaining the estimates of GNP and its related components over a long span of time for various countries. The rise of this interest was due mainly to the desire to understand the historical process of the economic growth of advanced countries and to the desire of shedding some light on future development problems of backward countries. Those who are engaged in processing data into a form meaningful to economists are quantitative economic historians. One of their greatest contributions lies in obtaining the estimates of GNP and other indicators of economic activities; without these we know very little of the growth process in the past. Their analytical contribution, however, does not seem to be so distinguished. The theoretical framework they adopt in studying economic growth is the Harrod-Domar model applied to different epochs. The endogenous variables are investment or saving ratio and capital-output ratio. During each epoch the capital-output ratio is a technical constant, and the saving ratio is the primary factor which explains the growth of output. The capital-output ratio changes from one epoch to another due to technical change, but it is the fixed parameter which the economic system cannot change. The parameters which are treated as fixed by quantitative economic historians are determined endogenously in the system by the econometric approach. The capitaloutput ratio, for example, is determined not only by the available production techniques but also by the relative scarcity of capital and labor. The production structure assumed by most econometric models is more general and has more than one explanatory variable determining output. Output is not generally, as in the Leontief production function assumed by the Harrod-Domar model, a linear function of capital (or labor), but it is determined by capital and labor simultaneously. The econometric model introduces not only production functions, but also other behavior and technical equations. These equations are combined with accounting relations to form a complete system of simultaneous equations. This system of equa-