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Lecture Notes on The Optimal Growth Problem

Author

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  • Keister, Todd

Abstract

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.

Suggested Citation

  • Keister, Todd, 2005. "Lecture Notes on The Optimal Growth Problem," MPRA Paper 1461, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:1461
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    File URL: https://mpra.ub.uni-muenchen.de/1461/1/MPRA_paper_1461.pdf
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    More about this item

    Keywords

    Optimal Growth;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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