Abstract
COLIN Clark's ambitious book The Economics of I960, published in 1942,1 was concerned with making world-wide forecasts of agricultural prices, agricultural working population and production, and total real income. Its main conclusion was that the level of agricultural prices relative to non-agricultural prices in the world the so-called terms of trade would, by I960, rise go per cent above the base period of I925-34, as a result of rapid industrialization. These forecasts rested upon an econometric model of the world economy. Because the forecasts related to I960, it is now possible to evaluate the accuracy of the predictions and appraise the adequacy of Clark's basic model. The purpose of this paper is to make such an appraisal, and to use it as a guide to the improvement of subsequent economic projections.
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