Employment of econometric methods in forecasting the consumption of plastic materials
This paper sets out to describe the methods employed to make forecasts of the medium-term consumption (1970 and 1975) of plastics in the E. E. C. countries. Great Britain and the United States. Researches were conducted into the "EUROPLASTICS"; these researches included detailed analysis of the present and potential applications in the case of each category of plastics, examination of the use of plastics in each field of its application (building, packaging, household articles, etc. ), the possibilities of their development; and, generally, a study of the industry concerned with the application of plastic materials. It would be useful to bear the foregoing points in mind; because, making such forecasts, whatever may be the methods adopted, cannot be put to good use unless the economist who makes these forecasts has a detailed knowledge of the market. Because of the limited amount of time at our disposal, we shall not dwell on market analysis; we would rather concentrate on explanation of the econometric methods employed in forecasting, by showing in Part I the general principles of construction of econometric models and in Part II the practical applications of the methods of forecasting adopted.
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