Abstract
There are two groups of models. The one type of model is designed to forecast the immediate future. The other type is concerned with the analysis of structural change and economic growth. The dichotomy goes back to the underlying economic theory. There are not only two groups of models, but there were two groups of economic theories well before there were formal models.
A paper, which is substantially this chapter, less Section 7.5, with an additional introduction, will also appear under the title “Short versus long-term economy models” [27a].
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© 1972 D. Reidel Publishing Company, Dordrecht, Holland
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Heesterman, A.R.G. (1972). Dynamic Adjustment Models and their Convergence. In: Forecasting Models for National Economic Planning. International Studies in Economics and Econometrics, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-3139-4_9
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DOI: https://doi.org/10.1007/978-94-010-3139-4_9
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-3141-7
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