Pricing and fiscal policies : a study in method / edited by P.N. Rosentein Rodan

Development is not only a technical but a social and economic problem. A technical problem considers a multiplicity of means apt to achieve one given end. An economic problem considers a system (multiplicity) of means apt to achieve a system (multiplicity) of ends. Where there is not one but a multiplicity of ends various ends may not be harmonious but may be in substantial or partial conflict with each other. To achieve more of one end may be possible only at the expense of achieving less of another end. An ethical (moral) valuation has to attach different weights of relative importance to various ends. In this way the national community will determine explicitly or implicitly a hierarchy of ends. By contrasting a system of means (given human and natural resources and ways of using them made possible by a given technology) with a system (hierarchy) of ends the society expresses its choice of economic and social policy.

Over the past decade through the Five Year Plans India has formulated her objectives in two main groups: economic ends to secure a rising standard of living for all citizens; and social ends to achieve social justice, i.e. equality of opportunity, and a reduction in inequalities of income, wealth, and economic power-which constitute a 'socialist pattern of society'. Let us consider the implications, conflicts, and choices involved within each and between these two groups of ends.