On the Existence of a Solution to the Optimal Economic Growth in an Aggregative Closed Economy

Abstract

The problem of optimal economic growth in an aggregative closed economy
in which the basic equation of economic growth is a differential equation has
been investigated in various ways by different authors in the past. This paper investigates the existence of a solution to the optimal economic growth problem by showing that a solution exists to the set of constraint equations. Essentially, the paper retains all the problem formulation stated in [1, 2] where some theoretical bases leading to the economic growth problem
are laid.

Keywords: Existence of a solution, optimal economic growth, aggregative closed economy, class C of nondecreasing functions.