- Optimal Control of Dualistic Economic Growth
- Optimal Control of Dualistic Economic Growth
- ㆍ 저자명
- Park. Sung-Joo
- ㆍ 간행물명
- 대한산업공학회지
- ㆍ 권/호정보
- 1978년|4권 2호|pp.107-118 (12 pages)
- ㆍ 발행정보
- 대한산업공학회
- ㆍ 파일정보
- 정기간행물|ENG| PDF텍스트
- ㆍ 주제분야
- 기타
The paper illustrates a possible application of control theory to an economic growth system. Simultaneous nonlinear system of differential equations has been modeled which is different from the traditional formulation, based on the theory of economic growth for a two-sector (dual) economy. Necessary and sufficient conditions for the existence of the optimal control are derived directly from the Hamiltonian, and the optimal controls are also obtained by solving simultaneous equations. Obtaining the trajectories of the optimal control and state variables, however, should rely on the numerical procedures. Empirical application has been conducted for the case of the Korean economy as an illustration.