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An Optimal Policy for Economic Growth

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Authors
Sung, Ki-Soo
Issue Date
1968
Publisher
서울대학교 행정대학원
Citation
행정논총, Vol.6 No.1, pp. 245-248
Abstract
Leontief's closed economic model is optimized using Pontryagin's maximum principle. The objective functional is maximization of time integrated utility. Pontryagin's/1/ "Maximum Principle" has been successfully applied to problems of optimal policy for economic growth by several authors. Shumpei Kumon/2/ presented a one-sector model using linear flow and stock functions at the 1966 Far Eastern Metting of Econometric Society. Kurz/3/ and Stolery/4/ analysed two-sector growth models where relevant equations were not necessarily linear. Chakravarty/5/ formulated an n-sector model using Leontief matrices of stock and flow coefficients. Superiority of the Maximum Principle over the classical calculrs of cariations lies in the fact that policy variables are treated endogeneously and regions of policy variables may be closed set, giving rise to endogeneous policy variables (the control functions) which may be discontinuous. Switching control functions were observed in the growth models of Kurz, Stoleru, and Kumon. The Chakravarty model did not produce switching control function and the functions found were insensitive to utility function.
ISSN
1229-6694
Language
English
URI
https://hdl.handle.net/10371/72483
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Graduate School of Public Administration (행정대학원)Dept. of Public Administration (행정학과)Korean Journal of Public Administration (행정논총, KJPA)Korean Journal of Public Administration (행정논총) vol.06 (1968)
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