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The main application of optimal control theory in economics has been in the theory of optimal economic growth. The system concerned is an aggregate macroeconomic model of the economy. The problem is to find the time-path of investment which meets some objective such as maximizing consumption per head of the population. However, many other applications of the theory exist and it has been a vital tool in the development of dynamic analysis in all areas of economics.

Optimal growth theory. That area of economics which is concerned with finding optimal time-paths in two main types of economic model. The first type is a macroeconomic model in which the main variables of interest are consumption, saving, investment, capital, employment and national income.

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