Optimal Economic Growth

Part of the International Series in Operations Research & Management Science book series (ISOR, volume 135)


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.


Optimal Control Problem Public Investment Adjoint Equation Public Capital Singular Control 
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List of References Cited and Additional Reading

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Copyright information

© Springer Science+Business Media, LLC 2010

Authors and Affiliations

  1. 1.Dept. Industrial & Manufacturing EngineeringPennsylvania State UniversityUniversity ParkUSA

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