Keister, Todd (2005): Lecture Notes on The Optimal Growth Problem.
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These notes provide an introduction to the study of optimal growth in the one-sector neoclassical growth model in continuous time. The model is developed using the analogy of Robinson Crusoe living on a deserted island. Both the Hamiltonian method and the phase diagram are presented and explained on an intuitive level. Some familiarity with optimization theory and differential equations, as well as a thorough understanding of intermediatelevel microeconomics, is assumed.
|Item Type:||MPRA Paper|
|Original Title:||Lecture Notes on The Optimal Growth Problem|
|Subjects:||O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General|
|Depositing User:||Todd Keister|
|Date Deposited:||14. Jan 2007|
|Last Modified:||22. Feb 2015 15:19|