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Book Cover
Author Weitzman, Martin L., 1942-

Title Income, wealth, and the maximum principle / Martin L. Weitzman
Published Cambridge, Mass. : Harvard University Press, 2003
Online access available from:
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Description 1 online resource (viii, 341 pages) : illustrations
Summary Annotation This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely. Its unified framework illuminates many famous economic examples and models. This work also emphasizes the connection between optimal control theory and the classical themes of capital theory. It offers a fresh approach to fundamental questions such as: What is income? How should it be measured? What is its relation to wealth?The book will be valuable to students who want to formulate and solve dynamic allocation problems. It will also be of interest to any economist who wants to understand results of the latest research on the relationship between comprehensive income accounting and wealth or welfare
Bibliography Includes bibliographical references (pages 329-335) and index
Notes Print version record
Subject Economic development -- Mathematical models.
Economics -- Mathematical models.
Mathematical optimization.
Maximum principles (Mathematics)
National income -- Accounting.
Wealth -- Mathematical models.
Form Electronic book
ISBN 0674010442 (alk. paper)
0674045076 (electronic bk.)
9780674010444 (alk. paper)
9780674045071 (electronic bk.)