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Economic Models

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2 Author(s)
Adams, F.Gerard ; Department of Economics, University of Pennsylvania, Philadelphia, Pa. 19104. ; Burmeister, Edwin

This is a survey of some illustrative mathematical and econometric models. Both purely theoretical and applied models are discussed, and the limits of their utilization indicated. The recent disturbances of the economy have raised questions about public policy and the kind of controls which might be implemented. The use of optimal control theory in economics and, in particular, its application to planning problems is examined. Forecasting and simulation applications of the Wharton econometric model are considered.

Published in:

Systems, Man and Cybernetics, IEEE Transactions on  (Volume:SMC-3 ,  Issue: 1 )