Frontmatter -- Contents -- Preface -- Introduction -- Part I. Introduction to the Maximum Principle -- 1. The Calculus of Variations and the Stationary Rate of Return on Capital -- 2. The Prototype-Economic Control Problem -- 3. The Maximum Principle in One Dimension -- 4. Applications of the...

In theory, and under some quite strong assumptions, there exists an important rigorous quantitative relationship among the following four fundamental economic concepts: (1) "wealth"; (2) "income"; (3) "sustainability"; (4) "accounting". These four basic concepts are placed in quotation marks...

Intro -- Contents -- Preface -- Introduction -- Part I: Introduction to the Maximum Principle -- 1. The Calculus of Variations and the Stationary Rate of Return on Capital -- 2. The Prototype-Economic Control Problem -- 3. The Maximum Principle in One Dimension -- 4. Applications of the Maximum...

Using only information based on current directly-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies, but sharing a common dynamic preference ordering. The...

Using only information based on current directly-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies, but sharing a common dynamic preference ordering. The...