An experimental medium-term model for Greece

Abstract

The scope of this study is a real experiment in medium - term model - build¬ing for the Greek economy. Models of this kind have been developed for the Netherlands. As far as the Greek Economy is concerned econometric studies of short - term character (annual forecasting models) have been published. In the case of medium or long-term macro - models regarding the Greek economy some works have already appeared in print when this exercise in model - building was beginning. The first medium - term plan was published in 1950. Generally speaking the plans of Greece, apart from those of short - term character mentioned, were of medium or long-term. In those plans a certain breakdown of the economic activity in sectors has been done. But this does not change the character of the planning in Greece, which is of aggregate - model character with no distinction in sectors and especially that of Harrod - Domar’s model. The approach of sector - model analysis has not been applied yet in the real sense of the word, because the needed detailed input - output tables and other data needed have not been published yet. Nor the more sophisticated approach of inter - industry models — the linear programming, techniques — has been applied in planning.