This paper provides a self-contained review of the introduction of the animal spirits hypothesis into the infinite horizon optimal growth model. The analysis begins with an economic discussion of Pontryagin’s maximum principles. Thereafter, I develop a version of the increasing-returns...

In these notes, starting from the discrete case, we provide some useful insights on the way in which are derived the necessary (and sometime) sufficient conditions for the solution of a maximum problem developed in continuous time. Moreover, we exploit such conditions to solve the...

This paper provides a self-contained review of the introduction of the animal spirits hypothesis into the infinite horizon optimal‐growth model. The analysis begins with an economic discussion of Pontryagin's maximum principles. Thereafter, I develop a version of the increasing-returns...

In these notes, starting from the discrete case, we provide some useful insights on the way in which are derived the necessary (and sometime) sufficient conditions for the solution of a maximum problem developed in continuous time. Moreover, we exploit such conditions to solve the...