Optimal Economic Growth

Terry L. Friesz ()
Additional contact information
Terry L. Friesz: Pennsylvania State University

Chapter Chapter 7 in Dynamic Optimization and Differential Games, 2010, pp 313-352 from Springer

Abstract: Abstract The theory of optimal economic growth is a branch of economic theory that makes direct and sophisticated use of the theory of optimal control. As such, the models of optimal economic growth that have been devised and reported in the economics literature are relatively easy for a person who has mastered the material of Chapters 3 and 4 of this book to comprehend. Among other things, this chapter shows how aspatial optimal economic growth theory may be extended to study optimal growth of interdependent regions in a national economy. Moreover, working through the analyses presented in this chapter provides a means of assessing and improving one’s mastery of the key mathematical concepts from the theory of optimal control that were introduced in previous chapters, especially the analysis and interpretation of optimality conditions and singular controls.

Keywords: Optimal Control Problem; Public Investment; Adjoint Equation; Public Capital; Singular Control (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-0-387-72778-3_7

Ordering information: This item can be ordered from
http://www.springer.com/9780387727783

DOI: 10.1007/978-0-387-72778-3_7

Access Statistics for this chapter

More chapters in International Series in Operations Research & Management Science from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().