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Numerous studies of the conditions of long-term economic growth contain a mathematical problem of optimal control over an unlimited period of time. This article identifies some of the common mistakes in principle. For the Cobb-Douglas production function, a complete solution of the optimal economic growth problem in a closed single-sector economy is given.
Citation:
Lobanov S. (1999) K teorii optimal'nogo ekonomicheskogo rosta [Оп the Optimal Growth Theory]. HSE Economic Journal , vol. 3, no 1, pp. 28-41 (in Russian)