Optimal Control of the Growth of Wealth of Nations

This is an introductory level graduate text for students and researchers in applied mathematics and applied economics. It looks at the current problems of the development and growth of the global economy by studying the dynamics of the key economic variables such as gross national product, interest rates, employment, value of capital stock, prices (inflation) and balance of payments.
Validation of the model used is attempted using the economic time series of several countries. The models constructed explain the macroeconomic data of nations as dynamic games of pursuit, which are equivalent to "control" problems, and are used to study mathematical optimal control of the growth of the wealth of nations.
This invaluable reference for graduates and researchers explores the extent of government intervention in the economy in comparison with private firms to ensure the controllability of the economy.