Calculus of Variations: Simple Matter Made Complicated

7 Pages Posted: 31 Jul 2013 Last revised: 15 Mar 2016

See all articles by Hak Choi

Hak Choi

Chienkuo Technology University - Department of International Business; Chung-Hua Institution for Economic Research

Date Written: July 30, 2013

Abstract

The Solow capital formation function looks like Pontryagin's dynamic equation, but its solution is simpler and does not require any Calculus of Variations. By calculus of variations, growth economists ignore the integration in their objective function to take differentiation of its component. A return to the standard method produces more reasonable result.

Keywords: Economic Growth, Calculus of Variations, Integration, Differentiation

JEL Classification: C61, O40

Suggested Citation

Choi, Hak, Calculus of Variations: Simple Matter Made Complicated (July 30, 2013). Available at SSRN: https://ssrn.com/abstract=2304003 or http://dx.doi.org/10.2139/ssrn.2304003

Hak Choi (Contact Author)

Chienkuo Technology University - Department of International Business ( email )

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Changhua City, 500
Taiwan
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Chung-Hua Institution for Economic Research ( email )

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Taipei
Taiwan

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