Lecture Notes on The Optimal Growth Problem

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Optimal; Growth (search for similar items in EconPapers)
JEL-codes: O40 (search for similar items in EconPapers)
Date: 2005-01
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