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Guidance and Optimal Control of Free-Market Economies: A New Interpretation

Publication ,  Journal Article
Burmeister, E; Dobell, AR
Published in: IEEE Transactions on Systems, Man and Cybernetics
January 1, 1972

The biological and social sciences offer many examples of complex systems which were not consciously designed or engineered but which have evolved over long periods from more primitive forms. Built-in mechanisms for control or guidance of such systems may be quite elaborate but somewhat imperfect and indirect. Two primary propositions are discussed. The first is that the evolution of the complex markets basic in western economies has realized an institutional structure through which decentralized guidance of the economy can be implemented. The second is that with such market structures it may be possible to design economic policies which realize sufficient control of the economic system without direct intervention in the optimizing decisions of individual elements in the system. The paper is primarily tutorial and surveys the relevant technical literature on models of economic growth. However, some new results and a new interpretationof known results are presented. Copyright © 1972 by The Institute of Electrical and Electronics Engineers, Inc.

Duke Scholars

Published In

IEEE Transactions on Systems, Man and Cybernetics

DOI

EISSN

2168-2909

ISSN

0018-9472

Publication Date

January 1, 1972

Volume

SMC-2

Issue

1

Start / End Page

9 / 15
 

Citation

APA
Chicago
ICMJE
MLA
NLM
Burmeister, E., & Dobell, A. R. (1972). Guidance and Optimal Control of Free-Market Economies: A New Interpretation. IEEE Transactions on Systems, Man and Cybernetics, SMC-2(1), 9–15. https://doi.org/10.1109/TSMC.1972.5408550
Burmeister, E., and A. R. Dobell. “Guidance and Optimal Control of Free-Market Economies: A New Interpretation.” IEEE Transactions on Systems, Man and Cybernetics SMC-2, no. 1 (January 1, 1972): 9–15. https://doi.org/10.1109/TSMC.1972.5408550.
Burmeister E, Dobell AR. Guidance and Optimal Control of Free-Market Economies: A New Interpretation. IEEE Transactions on Systems, Man and Cybernetics. 1972 Jan 1;SMC-2(1):9–15.
Burmeister, E., and A. R. Dobell. “Guidance and Optimal Control of Free-Market Economies: A New Interpretation.” IEEE Transactions on Systems, Man and Cybernetics, vol. SMC-2, no. 1, Jan. 1972, pp. 9–15. Scopus, doi:10.1109/TSMC.1972.5408550.
Burmeister E, Dobell AR. Guidance and Optimal Control of Free-Market Economies: A New Interpretation. IEEE Transactions on Systems, Man and Cybernetics. 1972 Jan 1;SMC-2(1):9–15.

Published In

IEEE Transactions on Systems, Man and Cybernetics

DOI

EISSN

2168-2909

ISSN

0018-9472

Publication Date

January 1, 1972

Volume

SMC-2

Issue

1

Start / End Page

9 / 15