Optimal Growth with Many Sectors
Published on 18. March 2002
Book
Paperback/Softback
XIV, 176 pages
978-3-631-39174-7 (ISBN)
Description
The overriding force in economic growth is progress, both in general state of the arts, and in applied technology. These are qualitatively different and their optimization is explored with dynamic programming. With numerous goods and factors of production the production frontier becomes a hyperplane. Its dimensionality depends on the number and positioning of activities around the vector of factor endowments, as is shown with the simplex method. There may be market distortions of the ceiling and departures from it; policy measures are examined for the U.S. and Germany.
More details
Person
The Author: Franz Gehrels, professor of economics, Indiana University until 1977, University of Munich since 1977, emeritus since 1990. Books: Optimal Growth of an Open Economy, 1975; Aussenwirtschaftstheorie, 1985, 1991; Essays in Macro-economics of an Open Economy, 1991.
Content
Contents: Innovation and progress in the arts - Optimal saving and resource depletion - Multiplicity of goods and factors - Frontier expansion - Departures from the frontier and corrective measures.