Calculus of Variations: Simple Matter Made Complicated
7 Pages Posted: 31 Jul 2013 Last revised: 15 Mar 2016
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: 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
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