Optimal Control of the Growth of Wealth of Nations

E.N. Chukwu

January 23, 2003 by CRC Press
Reference - 392 Pages
ISBN 9780415269667 - CAT# TF1334
Series: Stability and Control: Theory, Methods and Applications

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Students and researchers in applied mathematics and applied economics can use this introductory-level graduate text. It looks at the current problems of the development of the global economy by studying the dynamics of key economic variables, such as gross national product, interest rates, employment, value of capital stock, prices (inflation) and balance of payments. Validation of the model is attempted using the economic time series of several countries. The constructed models explain the macroeconomic data of nations as dynamic games of pursuit, which are equivalent to "control" problems and are used to study mathematical optimal control of the growth of the wealth of nations. This invaluable reference for graduates and researchers compares the extent of government intervention in the economy with private firms to ensure the controllability of the economy.