Econometrica: Jan 1965, Volume 33, Issue 1

Optimal Paths of Capital Accumulation Under the Minimum Time Objective

https://doi.org/0012-9682(196501)33:1<42:OPOCAU>2.0.CO;2-R
p. 42-66

Mordecai Kurz

The properties of the optimal growth path are investigated in a two-sector economy model. The objective is the attainment of the von Neumann path in minimum time, and the optimal strategy is given. In order to characterize and establish the optimality of the path, an extensive use is made of Pontrayagin's Maximum Principle.

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