Understanding the context of the Study Week on the Econometric Approach to Development Planning organised by the Pontifical Academy of Sciences in 1963

Abstract

In 1963, a Study Week on the Econometric Approach to Development Planning was organised by the Pontifical Academy of Sciences. This paper examines the context of this Study Week and results will be presented as to why it was organised at that time and why this particular topic was chosen. In addition, this paper studies the aims of the Pontifical Academy of Sciences and the Holy See, and whether those expectations were lived up to. Furthermore, it analyses the contribution of Robert Dorfman and as to why he was one of the few to be invited. The discussion session on his contribution sheds some light on the context of the 1960s with regard to the concept of shadow prices and the connotation of the word planning, both in relation to the quantification of intangibles in the cost-benefit analysis. In addition, the relation between economics and the Holy See is explored as to whether and at what point both interests meet.