Abstract:
A new problem of managing a macroeconomic
system with a linearly homogeneous production function is
considered, taking into account the balance equation. A gross
income of a year is divided into an investment and a consumption,
while the volume of the total consumption is proportional to labor
resources. A criterion for optimal control is the total value of
gross income for a given time interval. As a research apparatus,
the maximum principle is applied, due to which the optimal control
problem is reduced to a variational problem with a nonholonomic
constraint. Its solution is expressed in terms of the quadrature
of the Cauchy problem for one equation with separable variables.
The values of coefficients of proportionality of consumption, tax
and depreciation deductions, ensuring the non-decline of fixed
assets, are found. A system with a Cobb—Douglas production
function is considered as an example.
Keywords:economic model, variational problem, production function, optimal control.