Handbook on Optimal Growth 1: Discrete Time

The problem of efficient or optimal allocation of resources is a fundamental concern of economic analysis. The theory of optimal economic growth can be viewedasanaspectofthiscentraltheme,whichemphasizesingeneraltheissues arising in the allocation of resources over an inflnite time horizon, and in particular the consumption-investment decision process in models in which there is no natural ”terminal date”. This broad scope of ”optimal growth theory” is one which has evolved over time, as eco...