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Dynamic Economics: Optimization by the Lagrange Method, by Gregory C. Chow
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This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers can understand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understand the substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.
- Sales Rank: #150252 in Books
- Published on: 1997-02-13
- Original language: English
- Number of items: 1
- Dimensions: 9.20" h x 1.30" w x 6.40" l, 1.25 pounds
- Binding: Hardcover
- 248 pages
Review
"Dr. Chow points out that the too-little-known direct Lagrangian procedure delivers all the optimal solutions that the popular indirect-utilities method can deliver, and does so more economically in the sense that redundant laborious calculations of any indirect utilities can be avoided...it is regrettable if the popular indirect method has eclipsed attention by scholars from the efficient and effective direct Lagrangian approach. We are all in Gregory Chow's debt for a cogent and needed important reminder."--Paul Samuelson, Pacific Economic Review
"Dynamic Economics convinced me of the usefulness of the Lagrange method....The book is very clear and easy to follow; applications are interesting and clearly treated."--Alberto Bisin, Massachusetts Institute of Technology
From the Back Cover
Dynamic Economics presents the optimization framework for dynamic economics so that readers can understand and use it for applied and theoretical research. Chow shows how the method of Lagrange multipliers is easier and more efficient for solving dynamic optimization problems than dynamic programming, and allows readers to understand the substance of dynamic economics more fully. He applies the Lagrange method to study and solve problems in a variety of areas including economic growth, general equilibrium theory, business cycles, dynamic games, finance, and investment, while also discussing numerical methods and analytical solutions.
About the Author
Gregory C. Chow is Class of 1913 Professor of Political Economy, Professor of Econometrics, and Director of the Econometric Research Program at Princeton University. He has also advised the Prime Ministers of Taiwan and China on economic policy and reform. He is the author of numerous books, including Analysis and Control of Dynamic Economic Systems (1975), Econometrics (1983), and Understanding China's Economy (1994).
Most helpful customer reviews
15 of 15 people found the following review helpful.
An alternative to Lucas, Sargent and recursive methods
By Zossima
Most grad students are taught to solve dynamic equilbrium problems using recursive methods. Two of the prominent books that I am familiar with are:
* Thomas Sargent's Dynamic Macroeconomics
* Lucas and Stokey's Recursive Methods in Economic Dynamics
(Note: I see that Sargent has another volume out, Recursive Macroeconomic Theory, with Lars Ljungqvist.)
Chow's book presents a Lagrangian method for dynamic optimization. This is a far easier approach than recursive methods, as anyone who is familiar with simple calculus will attest. Chow presents the method then --and this is the real value of this book-- systematically applies it to familiar market equilibrium, financial, business cycle, game theory, and growth models (all dynamic, of course).
BENEFITS:
* Chow's Lagrangian method removes mathematical obstacles to understanding important macroeconomic models
* Chow is a good writer, and this book is far easier to understand than the two books listed above
* This is a great reference for grad students looking for foundations for your own research
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