TL;DRAbstract
This chapter is the first to consider policy analysis and to arrive at characterisations of optimal policies. The ideas that it surveys have developed over a considerable period, beginning with the seminal contribution of Ramsey (1927). One important feature of this development is the gradual increase in generality and the recent move towards applying the theoretical analysis to data. This has moved the theory closer to practical application.
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This chapter is the first to consider policy analysis and to arrive at characterisations of optimal policies. The ideas that it surveys have developed over a considerable period, beginning with the seminal contribution of Ramsey (1927). One important feature of this development is the gradual increase in generality and the recent move towards applying the theoretical analysis to data. This has moved the theory closer to practical application.
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