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Journal: Scientia fructuosa (Vol.89, No. 3)

Publication Date:

Authors : ;

Page : 128-134

Keywords : utility function; productive capital; intellectual capital; gross investments; net investments; production function;

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Background. This article is devoted to further development of the theory of dynamic utility functions and dynamic production functions in relation to models of optimal economic growth. Results. In addition to traditional resources (capital and labor) to be considered at the macroeconomic level, is considered the intellectual capital that in a broad sense is an endogenous effect on technology (physical capital) and the quality of labor (human capital). In a narrow sense, intellectual capital is the intellectual part of the human capital and is measured in units of simple labor. Conclusions. The paper presents, firstly, a new kind of dynamic utility functions, which is one of the possible generalizations of utility functions that takes into account investments in productive and intellectual capital (the consumption is considered as the difference between output and gross investment and production function takes into account capital and labor and their derivatives (net investment)), and secondly, a new dynamic macroeconomic production function which additively include among inputs (capital and labor), and net investment in the expansion of these resources, and thirdly, the nonlinear model of optimal control to determine the quantitative proportions between production, consumption and investments aimed at expanding production both by increasing productive capital, and by means of intellectualization of labor.

Last modified: 2016-10-27 18:29:56