Abstract
The central economic problem of optimal allocation of scarce resources having alternative uses, at a point of time and over time, involves both static and dynamic optimization. The choice between less consumption now and more later—between short-term pain and long-term gain—is a dynamic optimization problem. So is the allocation of investment among the various sectors over the whole economic planning period.
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© 1984 Springer-Verlag Berlin Heidelberg
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Van Tu, P.N. (1984). Introduction. In: Introductory Optimization Dynamics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-00719-8_1
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DOI: https://doi.org/10.1007/978-3-662-00719-8_1
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-13305-6
Online ISBN: 978-3-662-00719-8
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