ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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From 5o Years Ago (29 January 2005)

additional jobs in ten years. And to top it all, to be thrown up, there are certain relationships FROM 50 YEARS AGO the Prime Minister came out with his which he understands. One of these relationdeclaration that the objective was a socialist ships is that industrialisation, even of the not pattern of society. so capital-intensive kind, requires a larger An obvious question to ask, however, is amount of capital per unit of employed labour how these are to be achieved. A complete than normally exists in a pre-industrial Vol VII Nos 4 and 5, January 26, 1955 answer cannot of course be expected at this society; if then more manpower is to be abstage, since the targets must be broken down, sorbed than ever before alongside a programme Model-Making and the linked with each other, worked out in terms of industrialisation, the rate of investment of resources required and available, and pieced must also be substantially higher. Secondly,Second Plan together again before all the implications are a higher rate of investment, even if it may (from a Special Article by K N Raj) clear. This is the job of model-makers, and not require a reduction in the absolute levels it would be grossly underestimating the of consumption, must be matched by a Public interest in the second Five-Year Plan technical complexities of their work to pre-higher rate of saving out of the increased has been stimulated in the last few months by sume that what they themselves can arrive at incomes, but the rate of saving (particularly a succession of high-level policy statements. only through multiple correlations and elabo-at the margin) is one of those institutionally- The first of these came from the Minister for rate regression equations can be foreseen by conditioned responses which cannot be Industries and Commerce when he announced others who do not, in the first instance, have changed at will without certain operational his

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