Solution to an open question about optimal economic growth models
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2024
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Huong, V.T.
Kaya, C.Y.
Yen, N.D.
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Applicable Analysis, 2024; 103(7):1215-1223
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We prove that if the total factor productivity A of an aggregative economy is right at the barrier (Formula presented.), with σ being the growth rate of labor force and λ the real interest rate, then the unique policy to optimally control the economy is the same as the one for optimally controlling weak economies, where (Formula presented.). This result gives a complete answer for the interesting open question raised by Vu Thi Huong in her recent paper [Optimal economic growth problems with high values of total factor productivity.
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Copyright 2023 Informa UK
Access Condition Notes: Accepted manuscript available after 1 October 2024