In the second edition of this user-friendly book, Olivier de La
Grandville provides a clear and original introduction to the theory
of economic growth, its mechanisms and its challenges. The book has
been fully updated to incorporate several important new results and
proofs since the first edition. In addition to a progressive
treatment of dynamic optimization, readers will find intuitive
derivations of all central equations of the calculus of variations
and of optimal control theory. It offers a new solution to the
fundamental question: How much should a nation save and invest? La
Grandville shows that the optimal savings rule he suggests not only
corresponds to the maximization of future welfare flows for
society, but also maximizes the value of society's activity, as
well as the total remuneration of labour. The rule offers a fresh
alternative to dire current predictions about an ever-increasing
capital-output ratio and a decrease of the labour share in national
income.
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