Planning in a developing economy (Greece)

Abstract

Greece is a developing economy which has tried to promote its national and regional development
by constructing and following the Five Year Development Plans. One such plan was build for the period 1978 - 82. For the construction of this Plan there was not used a macroeconomic
model. This work tries to formulate the «implicit econometric model» i.e. the model which is behind the macroeconomic framework of the Plan as described is the relevant Report. Grosso modo examination of the «implicit model» reveals that it is deficient. In turn this has led to a deficient
Plan which might be one of the causes of the deterioration of the economy during this Five Year Plan.