First Published in 1970. Econometric model-building, on the other
hand, has been largely confined to the advanced industrialised
countries. In the few cases where macro-models have been built for
underdeveloped countries (e.g. the Narasimham model (112) for
India) the underlying assumptions have been largely of the
Keynesian type, and thus in the authors opinion unconnected with
the theory of economic development. This study is a modest attempt
at econometric model-building on the basis of a model of
development of an underdeveloped country.
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