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Income, Wealth, and the Maximum Principle

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Print on Demand

$39.00 • £33.95 • €35.95

ISBN 9780674025769

Publication Date: 09/30/2007


358 pages

5-11/16 x 8-7/8 inches

4 line illustrations


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Martin Weitzman has written an innovative and important new book on dynamic optimization--in particular, the Maximum Principle of optimal control theory--and its application to economics. It is an excellent textbook on optimal control theory, but it is much more than that. It explains how much of capital theory can be formulated in terms of a prototype optimal control problem, and it shows how, in the context of a multisector growth model, the Maximum Principle can be used to obtain a comprehensive measure of national income. Thus, this book will appeal to several different audiences: graduate students in economics, practicing economists with an interest in capital theory, and environmental economists...Weitzman deserves considerable applause for this clear and elegant book.—Robert S. Pindyck, Journal of Economic Literature

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