The Pontryagin Maximum Principle and Optimal Economic Growth Problems

This monograph is devoted to the theory of the Pontryagin maximum principle as applied to a special class of optimal control problems that arise in economics when studying economic growth processes. The first chapter presents a new approximation approach that leads to a complete set of necessary optimality conditions in the form of the Pontryagin maximum principle. The attention is focused on the characterization of the behavior of the adjoint variable and the Hamiltonian of a problem at infinity. In the second chapter, the approach proposed is applied to a problem of optimal dynamical allocation of labor resources in the endogenous economic growth theory.
The monograph is addressed to a wide circle of scientists, postgraduates, and students who are interested in the theory of the Pontryagin maximum principle and its applications in economics.