%0 Journal Article
%T Optimal Control for Dummies
%A Marcus Davidsson
%J Current Research Journal of Economic Theory
%D 2012
%I Maxwell Science Publication
%X The aim of this study is to facilitate the teaching of optimal control in economics. Understanding optimal control can be challenging to say the least. This study discusses optimal control and its applications in economics. More specifically the famous Keynesian-Ramsey rule will be explored and discussed in detail. The same rule is also extensively used in resource economics to calculate the optimal extraction from for example a gold mine.
%K Dynamic optimization
%K growth
%K macro economics
%K optimal control
%U http://www.maxwellsci.com/jp/abstract.php?jid=CRJET&no=221&abs=05