157-166

• Neck, Reinhard

In this paper, we formulate a dynamic theory of economic policy using some concepts and axiomsof mathematical system theory. First, the notion of a dynamic economic system is characterized axiomatically.Then the basic problem of the theory of economic policy as introduced by Tinbergen and Theil is expressed asa control problem for a dynamic economic system. In this way, a more general framework for the theory ofeconomic policy than available so far can be developed in terms of mathematical system theory. Finally, wediscuss some extensions of the framework, in particular to economic policy problems with more than onedecision-maker.

• Economics and Business

• Economics
• Economic policy
• Economic development

dynamic system, system theory, control theory, economics, economic policy, modeling

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